We are both 70. We retired at age 62, but my husband immediately went back to work with two part-time jobs. He constantly worries about money. We own a home worth $550,000 and still owe $128,000 on it. We have a 2.2% interest rate. My husband says it makes no sense to take out money to pay it off. We have no other debt.
I feel we can now live a little nicer. He doesn’t. I’m driving a seven-year old car that I would like to upgrade. We never bought fancy cars — just cheap ones. I would just like a Honda 7267, -4.11% or Toyota TM, +1.51%. He considers those too expensive! See: I want to invest $100,000 in dividend-paying stocks, but my wife doesn’t. How do I convince her?You have more than most retirees, so this isn’t necessarily a question of if you have enough.
That said, you also need your needs met. You’re right — you’ve worked hard and contributed to your retirement nest egg, and you should have a say in how that money is spent. You bring up a very important point about having access to your money. You shouldn’t be locked out of your retirement assets. When you decide how much you would like to withdraw, discuss access to these accounts. Your husband may be a cautious spender, but you should have equal access.
Other questions: What are your annual or monthly retirement withdrawals, and can or should they be reduced? You may be comfortable with increasing those withdrawals.
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