"How the heck does someone get to retirement age and still have a mortgage? That one baffles me. Same with car payments
As an estate planning attorney I can answer that, I've seen it caused by:
ACCIDENTS,,,,,,,,ILLNESS,,,,,,,,,,CANCER,,,,,,,,,,HEART DISEASE,,,,,,,,,UNFORSEEN LIABILITY,,,,,,,,,,,CHILDREN OR ADULT CHILDREN NEEDED HELP,,,,,,,,,,,,TRAGEDY IN THE FAMILY
And that's even with people who were frugal, always paid cash, had plenty of money prior with NO car payments NO unpaid mortgages or credit card debt and had insurance even, but catastrophic incidents like the above can still wipe them out.
Of course, absent the above I agree 100% and think (and I do) at or before retirement have everything paid for, a pension and money in the bank, good insurance, possibly long term care insurance (if warranted),,,,,,,plenty of liability insurance,,,,,,,,,good solid well diversified investment portfolio LIKE THE TV COMMERCIAL SAYS "A LIFE WELL PLANNED"
Some have been blessed with the above HOWEVER unfortunately some have not. Good traditional Christian Conservative lifestyle with God, Family, and Country as priorities has worked for me, maybe not others, to each their own I say.
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Today's Featured Article - The Ferguson System Principal An implement cutting through the soil at a certain depth say eight inches requires a certain force or draft to pull it. Obviously that draft will increase if the implement runs deeper than eight inches, and decrease if it runs shallower. Why not use that draft fact to control the depth of work automatically? The draft forces are
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