If you are one of the NFL players whose career lasted long enough to qualify for NFL pension benefits you will need to decide when to begin drawing your pension. Although the NFL retirement plan defines normal retirement age as 55 years old, many players begin drawing their pensions early.
The standard industry recommendation for mortgage payments is that no more than 28 percent of your gross income should go to your monthly payments. To calculate this, simply multiply your annual, gross income by .28 and divide by 12.
As for just how big a percentage of your income that housing budget should be? It all depends on whom you ask. Income used for housing: What others say The traditional model: 35 percent/45 percent of pretax income. In an article on how the mortgage crash of the late 2000s changed the rules for first-time home buyers, the New York Times reported: