Comments on: Should You Pay Off Your Mortgage Before Retirement

By: Kevin Kuc

Kevin Kuc — Wed, 14 Jun 2023 21:53:35 +0000

In reply to Wdeemar Wdeemar. Exactly

By: Kevin Kuc

Kevin Kuc — Wed, 14 Jun 2023 21:53:13 +0000

Definitely, the stress is gone and all you have to worry about is taxes. Peace of mind is great!

By: Paul

Paul — Wed, 14 Jun 2023 21:23:53 +0000

I like the idea of paying off your mortgage early like having a 30 year but paying it off in 15. What I’m doing instead of paying extra on top of the mortgage payment is investing the additional amount. Eventually that will allow me to pay it off early and move on to other things. If things change and I need to do something else with that additional amount I can pivot. Dave Ramsey would say I’m not taking into consideration the factor of risk but time can help offset that along with an appropriate emergency fund. That said, as with everything, more money more options. Good luck!

By: Jeff Barr

Jeff Barr — Wed, 14 Jun 2023 20:22:12 +0000

A home is a life style choice not an investment. The bank and government always have first lien. Equity in a home is an illusion as it can be decimated by forces and policies outside your control. That equity does nothing for you other than look pretty on paper. Cash flow is king, so Use the money for living and other true investments.

By: Bruce Smith

Bruce Smith — Wed, 14 Jun 2023 20:06:56 +0000

Thanks Eric

By: Wdeemar Wdeemar

Wdeemar Wdeemar — Wed, 14 Jun 2023 18:42:00 +0000

I think to have debt of any kind in retirement is playing with matches in the whiskey storage area.

By: billyrayband

billyrayband — Wed, 14 Jun 2023 18:38:01 +0000

It was a bad plan to enter retirement with 450K mortgage while dumping cash into your 401K or IRA (tax deferred). Its pretty hard to fix that now. For most, I think your home is your most stable investment and you should get rid of that mortgage. I would also not own any individual stocks or bonds in your IRA while in retirement. Just some low maintenance mutual/index funds.

By: Richard Sanchez

Richard Sanchez — Wed, 14 Jun 2023 17:06:35 +0000

That’s what I focused on. Bought at 26 paid it off at 34. Invested a little during that time now focusing more on that. Did I mess up by doing so? I don’t think so. I make well over 100K a year, and live well below my means. So it all depends on the individual and what their plans are. Just my opinion though.