Help Me Retire: ‘We stay in two-star hotels’: We’re 70 and have $1.8 million, but my husband insists on living cheap. Don’t we have enough?

by | Nov 11, 2023 | Stock Market

Dear MarketWatch,  We are both 70. We retired at age 62, but my husband immediately went back to work with two part-time jobs. He constantly worries about money. We own a home worth $550,000 and still owe $128,000 on it. We have a 2.2% interest rate. My husband says it makes no sense to take out money to pay it off. We have no other debt.

We have about $1.8 million in various retirement accounts; many are in Roth IRAs. We lived very thriftily to accumulate this money. We made it, but my husband wants us to live like we didn’t have all of that money saved. He hasn’t touched the money in the Roth IRAs yet. He still worries about turning on the air conditioner, drives a cheap old car, wears old clothing and makes me cut his hair. We do travel, but that’s because we use the money from my humble post-retirement job. We stay in two-star hotels. All of our money is in various retirement accounts. Most of these accounts are in his name with me as the beneficiary even though I worked hard and contributed half. Therefore, I can’t make withdrawals. I feel we can now live a little nicer. He doesn’t. I’m driving a …

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