I'm 55 with $300,000 left on my mortgage and $200,000 in savings - should I focus on paying off my mortgage or boosting my retirement accounts?

If your mortgage interest rate is relatively low, say 3-4%, it might make more financial sense to invest your savings elsewhere, particularly in a retirement fund, where you could potentially earn a higher return.

Historically, the stock market has returned an average of about 7-8% annually after inflation. By contributing to your retirement fund, particularly if you have a 401(k) with employer matching, you might receive an even higher effective return.

At 55, you're approaching retirement, and it's essential to ensure that your retirement savings will support your lifestyle. If you are underfunded for retirement, prioritizing contributions to your retirement accounts could be critical.

Some people find peace of mind in being debt-free, particularly as they approach retirement. If having a mortgage in retirement concerns you, paying it off early could be the right choice for your mental well-being, even if it's not the optimal financial decision.

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