Don't save for your retirement? Cat food and bananas on your social security pension will be lots of fun. Remember, there are co pays on Medicare to make. Your property taxes and utilities will continue even if your home is paid for. You will need someone to maintain your home -- you won't be cutting your own lawn when you are 75 most likely. You will need an auto until you are 75 or in reasonable health to drive. You may want to live in assisted care when you are over 80 and not be dependent on your children for your housing and over-site/ or care.

It's is not cheap to get old -- my Mother is 92, sold her condo 16 years ago and her rent in an assisted care facility is $1,800 a month!