How To Retire Without A Mortgage
Ash Toumayants, the founder of Strong Tower Associates, a financial planning firm based in State College, PA, talked to Go Banking Rates reporter Lia Sestric about what people can do to retire without a mortgage. Toumayants’ primary recommendation was to cash in on the value of a property before retirement and to save money by living in a house or apartment that is cheaper than what you can afford.
“Five to 10 years before retirement tends to be the best time to cash in on the value of your property, said Ash Toumayants, founder of Strong Tower Associates in Pennsylvania. ‘Living in a place that’s cheaper than what you can afford as opposed to one that is exactly at the level you can afford makes a big difference in retirement,’ he said. Toumayants said it’s important to note that even after you pay off your house, you’ll still need to worry about things like insurance, maintenance, and property taxes. Those costs need to be factored into your plan.”
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