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> median household assets (minus the house) at age 65-69 is $75K Why would you take out the house? For most people that's a key part of their retirement. Goin
by legitster 4y ago
> median household assets (minus the house) at age 65-69 is $75K
Why would you take out the house? For most people that's a key part of their retirement.
Going into retirement as a renter or with a $500k home paid outright is one of the biggest difference makers.
- icedchai 4y agoSelling your house takes time. In a bad economy, it could take a lot of time. Knowing your "liquid" net worth has some value.
- RexM 4y agoBut if you own your home you don’t have to worry about paying for a place to live (taxes aside.) I do see how knowing what your liquid net worth is has some value, but knowing your expenses has value, too.
- icedchai 4y agoTrue. Taxes and utilities do add up. Some neighborhoods also have HOA fees. A lot of people are living month-to-month on their paycheck, so expense is key. Note: I own my home outright. I bought it in 2000, before the real estate bubble really took off, had a 15 year mortgage, paid it off early.
- refurb 4y agoRight, but that $500k is tied up in your housing, so not really accessible. I wouldn’t discount it entirely, but home equity should clearly be evaluated differently than cash in the bank.