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Doesn’t this entirely depend on your mortgage payment and expenses which can vary massively by individual?
I don’t know in what world you would need $3M to travel for 6 months…
Hahahahahahaha
Don’t retire until your primary residence is paid off in full.
Subject Expert
MD1, because paying it off will increase the security of the retirement plan relative to carrying it through retirement.
Director 1, in this case you can "pay it off" at a discount with an offsetting nominal treasury ladder and retire the risk without giving up the below market rate.
You will have to research the places you want to travel and go more granular than this, looking at food, residence, and travel costs; also consider exchange rate fluctuations. No one else could possibly answer this for you. Your best bet would be to set a travel budget and stick to it, rather than going by 6 months. I can tell you I am spending two months in France, 4 cities, but one month in Paris, what I consider lower to mid-range travel budget, and it will likely end up costing 16-17K, and this is on top of expenses at home. Everything is more expensive than I had anticipated (especially the flight) and one has to compensate for impermanence. Previously I spent the same amount for three weeks in Japan.
I have a set budget for annual travel that I can increase or decrease based on how the market is doing, and it’s only included for my “go years” through age 70, so 15 years total, but I am already tired. Really glad I made the effort to see the world when I was younger.
This also depend so much on where you travel to and the manner of travel/stays. Are you planning to hop around European cities for 6 months staying in hostels or in luxury hotels? Are you flying as cheaply as possible to Malaysia and staying in a hostel for 6 straight months? Are you flying business or first to Australia and renting an apartment or house for a month here and there in major cities and road tripping/taking trains all around the country? The potential spread on travel cost variability is huge.
Could you tell me your current age?
I spent approximately 18k travelling for 3 months in Japan and China. Lodging was our largest expense, with food and public transit being significantly lower than the USA.
Subject Expert
You need an expense estimate that includes all this travel. How much will this life cost? How long will you keep doing it? How will you live after you stop?
And you need to think carefully about whether to carry a mortgage into retirement. In most situations your retirement will be more secure if you pay it off.