Correct. Do your have family, mom / dad / grandparents/ uncles / aunts. Is there a range they lived to? Are there “known” issues for your family, heart disease. Are you living a healthy lifestyle. Take all this info, and you’ll get an approximate range . For me, I expect 80 -85. I could go sooner, or go longer. But I doubt I’ll make it to 90.

I feel so silly - Quick google search shows Carmax will in fact buy your car even with a loan attached.

Thanks so much. So sounds like I would only need to do the whole process if i try to sell to a 3rd party

I have kids, but I'm far off from having grandkids. But I know how life works, and if I make it to old age, I assume I'll have grandkids. Humans are, mostly, following the same playbook, so it makes sense to me to project my life out a ways and plan ahead.

The IRA contribution limit is $6500 for 2023, so it may not be possible to save 11% into a Roth.

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It’s hard to know without enough information to figure out your amortization, but how much interest would you actually be saving by paying it down faster?

Remember that you pay more interest at the beginning of the loan and the amount goes down with each monthly payment. So depending on how much time is left in your loan, you might not be saving much.

Plus 4.99% is still a relatively low interest rate.

So you’re potentially losing the benefits of borrowing that money at a low rate, while not saving much money.

That's a very good mindset. I'm still a ways off from having all those kids/grandkids, so maybe my perspective will change when that happens.

Why would you want to? If shit truly hits the fan with your landlord and repairs aren't being completed or you're put into a situation where your apartment has become inhabitable, you've lost any leverage since your landlord has your money up front.

Bad idea.

1. Giving your land lord an interest free loan.

2. Forgoing any interest in those funds

3. Losing any leverage you may have had on your landlord should you need any work done in your appt.

4. Likely losing all your $ if you wind up needing to move early.

5. Losing access to those funds should you need them for something else

Put it in a savings account.

8% yield in stocks > 3.785%.

If you want to piss away money and pay down your loan, go ahead.

Yup, this is stupid.

OP is better off earning a 3-5% yield in a savings account.

Time is money.

I put all of my taxes payable into a savings account to earn some kind of yield.

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Let's say you want to dig a hole. A small shovel will dig it in 100 scoops. A big shovel can move more dirt so it will dig it in 50 scoops, so it will take half as long.

Let's say you want to pay off your $10,000 car loan. If you pay $100 a month, it will take 100 months. If you pay $200 a month, it will take 50 months, so it will take half as long.

Bigger shovel = more money towards your car loan

do you get a discount or something? otherwise, it makes no sense at all to even consider this, unless you're going to be tied up somehow and won't be able to actually pay it... going on a six-month trek in the amazon?

Being grossed out by interest costs is healthy. It'll help keep you from making a habit paying interest!

You're on the right track...keep up the investing, saving, and debt pay down.

It just made the most sense for me in my situation. I had a little less in reachable savings than you and was putting 30% in my 401k. It sounds like you're on top of things. You'll make the right decision. Good luck!

File a dispute based on inaccurate date. )If you can find old letters or statements to back up that you can upload them and your odds of winning will be much higher). Some shady debt collectors engage in redating of old debts to pressure people to pay them. Some even file lawsuits past the SOL and just hope the debtor doesn't show up so they get a default judgment despite being past the SOL.

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It's not about relying on social security but rather if you were never going to live past 70, why would you wait until then to take it, when you can start receiving it earlier at 67? If you die at 69 years and 364 days, you would never receive a single cent.

It's a binary sort of thing.

>But it really does beg the question how do you decide what is optimal? Or are we all just planning for the worst/longest case scenario?

the best way to go about this is to reverse engineer your life.

figure out your life expectancy based on published science literature (i.e. your current health ,medical history, etc etc)

then estimate how much you need per year during retirement and work backwards to how much you have to contribute per year to get to that final future value +/- 3% or some other margin of error

its not the most accurate, but its the best way to estimate retirement needs.

Keep track of these losses ad you can use them in the future to offset any gains. These losses never expire, but you have to keep track and enter them on your tax returns.

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I’m not sure I get your shovel metaphor!

how did you decide how much extra to pay each month? congrats on retiring!

after seeing I paid over $800 in interest last year I was just grossed out 😭