The only way I've been able to do it was to pay off my mortgage faster by adding extra principal every month for several years. . And having put down $20% in the first place, for 30yr mort. and buying a house that kept me at reasonable mortgage payments when interest rates were 6%+.
The $ that would have still been going to interest payments is what is going into catchups since the mortgage got paid off. but even then it took a couple years to do max catchup, and cut some impulse spending back as well. and buy a used vehicle I could buy cash or pay off in a year on a 3-year loan on half the purchase value and get that paid off first before paying down principal on the mortgage. Dave Ramsey concepts.
"life can only be understood backwards, but it must be lived forwards" - soren kierkegaard
Weatherweenie's Account Talk
Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.
It has since been dropped:
https://www.fedsmith.com/2017/11/16/...nate-tax-bill/
Weatherweenie's Account Talk
Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.
I'm already retired and I've run through a couple of 1040's under this new plan and my taxes will go up. I live in a state where SALT matters and having had cancer, medical deductions were also pertinent in those years. I've always itemized and that $12k cap, is a pittance. Also, no more personal exemptions. I am concerned as I retired earlier than planned due to cancer and things were not going swimmingly to begin with. Just more salt in the wound, I guess. I'm sure the 2.2% COLA raise this year won't even cover the lack of previous year COLAs despite health insurance premiums going up in every one of those years. If they mess with Medicare, it can only exacerbate things.
My advice, don't retire. Given our current scenario, you can plan all you want, but the lawmakers can pull the rug out from under any of those plans.
A reasonable compromise on the SALT deduction could be to allow any state and local income tax and/or property taxes up to the House Plan cap of $ 10,000 not just property taxes. Not perfect but better.
Call your Senators and/or Congressman.
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