Freedom 75: Boomers and mortgages... yuck

(This post will end with a positive recommendation you’ll want to “hope to follow.”)

Freedom 55? Fuggettaboutit.

Freedom 75 will be the new normal one day soon.


["RIP, Freedom 55"]

(England is proposing Freedom 66. France, Freedom 67. Canada is hoping citizens will buy into Freedom 70).

A contributing reason for many aging boomers to stay in the workforce will be the size of their mortgage.

This headline just in:

Boomers see mortgages as part of retirement

WTHeck?

Here’s the jist:

“Roughly half of baby boomers in this country are planning a move, but many of them won’t be able to do it mortgage free as they had hoped. Although the vast majority of boomers say it is important that they pay off their mortgage before they retire, less than half (44%) have been able to do so.” (Oct. 29, London Free Press)

Me? I’m planning a move someday too - to something smaller than 1,000 sq. ft. - but my mortgage is gone, and I’m definitely not planning to get within smelling distance of another one!

And here is some more cheerful news:

Not only are many boomers still carrying a mortgage, but...

“...of those with a mortgage, one-quarter have a long way to go having paid off just 25% - or less - of their mortgage.”

Good grief!

Whatever happened to THRIFT?

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Recommendation:

Start looking for a small, cozy apartment near a coffee shop, grocery and hardware store.

Think about moving out of your house between the ages of 70 and 75 so that Freedom 75 - at the very least - is possible.

More brilliant thoughts about Freedom 75.

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