OMG, my head is spinning reading my closing documents on my refi! I thought we were rolling all my costs in, but it's saying I need $6k to close!!!! I mean I have it, and I know I have $4k in my escrow on my current mortgage I'm assuming I get back. But wasn't looking to drop $6k right now. UGH. I need to figure this all out.
I will be saving about $150/mo on my mortgage now. I need to do an auto draft on that money I feel into my savings. In a perfect world, I would send it to my CC debt. But I know if it's just sitting in my checking account, it'll get spent. The other option I guess would be to keep paying my current payment, since I just took my loan from 26 years to 30 again. Anyone know how to factor how that helps shorten the loan? I do know I don't expect to be here forever, at some point I get my mom's house (a mile from where I live). She'll likely have hers paid off....Someone actually suggested I keep mine and use it as an income property. Who knows. If the prices keep up in my neighborhood, even at my current loan amount, I have $83k in equity! Just not sure if it makes sense to pay it down, or pay down my CC debt first (which is on a 0% card), or put the extra into savings for now.
Jealous of the retirement talk. I can retire in 2023. I just logged into my retirement account to see I finally have locked in my 3 highest years! Now in theory my next 3 years MIGHT top that, but we took a freeze this year, so I'd have to see if I actually would make anymore than I have to date. I took on some extra crap a few years ago that got me more pay, so unless I can manage to do that again, my calculations might be set. If I retire in 2023, I'll look to get $40k, which is over 50% less than my pay now, LOL. I'll also have a sophomore in HS, and my DD should be in college (luckily she wants to be a dental hygienist and that program isn't $$$). Unless I've landed my sugar daddy, I'll need some kinda job. I've been seriously thinking about flight attendant (has nothing to do with the pilot I'm dating, LOL). Detroit is a hub for Delta and Spirit. And I'm learning you can be based anywhere. I know FAs don't make crap, but with my pension at $40k, I wouldn't need to make a ton to get me back somewhere comfy. Our retirement system lets us run a few scenarios. I think if I wait till my son graduates (2027), I'd get $44k/yr. Then there is always the option to retire and come back to teach. Since I'm so rare (Engineering/Architecture), we can do that for 3 years. My friends and I joke we're all gonna retire and take each other's jobs for 3 years. Rumor is I could expect about $50-60k if I did that gig. So I've actually sat down and ran the numbers on that, which would be $5-15k more than I'd make teaching at my current salary. So $15k-45k I'd get retiring but still teaching. So at the higher end, if I collected earlier, it would take about 11.25 years to make up the pension difference. All fun numbers to run in my head. UGH. A sugar daddy would make this a lot easier decision, LOL.
It's crazy to think as a single mom I might be able to retire at 47! But honestly, when I run the numbers....the longer I teach doesn't really pan out to THAT much more each year. Like if I retire in 2029, it'll be $47k/yr. Not sure if the stress of teaching 5 more years is worth the extra $7k it would bring me a year in retirement (but yes, I know that is $7k/yr for the rest of my life, which does add up). And I'll still likely need some kind of additional job at that point too! With all the uncertainty in education right now...it's nice to know that if I can make it 3 more years, I'm going to have a lot of options with my life! And considering my job is a lock for this year, I just have to worry about 2 more years! My mom and dad like to keep telling me there is no way in HELL I can afford to retire in 3 years.....I think they are just jealous, since my dad is still working at 72 and my mom just retired finally 100% last year, LOL.