House paid off in 2026
After 30 years my wife and I will have our house paid off. It’s 4 bedrooms and kids and grandkids are grown up. We are in good health and 72 & 64 years old.
What do we need to do next?
Financially
What are our best options?
We’d also love to size down but stay in the area of course.
We bought for 173,500 and Zillow reported our home at just under 500,000
I’m on a good firefighters pension and both of us on Social Security.
I have stock investments too.
We are excited but feel clueless
Happy New Year
God Bless
Terry Says
Well, you’re in a very fortunate position. This is a nice one to answer!
This is the perfect time to meet with a fee-only FIDUCIARY financial planner who is not trying to sell you anything. Here is the ONLY way I know to get matched with someone you can trust:
https://www.terrysavage.com/pam-krueger-wealthramp/
Pam will introduce you to one or more planners, and you can decide which seems like a good match.
Why? Because this is the time to organize your entire future — taxes, insurance, healthcare, income, estate plan, etc
The good thing is that when you sell your home you won’t pay any taxes, because the law lets a couple exclude $500,000 of capital gains on the sale of a primary residence.
You’ve done all the right things so far. Don’t mess it up now. Please write back and tell me about your experience.
