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?
Briefly

from 24/7 Wall St.3 months ago
Deciding whether to pay off your mortgage or boost your retirement fund depends on factors like interest rates and potential investment returns. A mortgage with a low interest rate may encourage investing instead.
24/7 Wall St.https://247wallst.com/personal-finance/2024/10/10/im-55-with-300000-left-on-my-mortgage-and-200000-in-savings-should-i-focus-on-paying-off-my-mortgage-or-boosting-my-retirement-accounts/
Historically, the stock market has averaged returns of about 7-8% annually, which can surpass the cost of a low-rate mortgage, making contributions to retirement funds potentially more beneficial.
24/7 Wall St.https://247wallst.com/personal-finance/2024/10/10/im-55-with-300000-left-on-my-mortgage-and-200000-in-savings-should-i-focus-on-paying-off-my-mortgage-or-boosting-my-retirement-accounts/
As retirement nears, ensuring adequate funding is crucial. If underfunded, maximizing contributions to retirement accounts may outweigh the benefits of paying off a mortgage early.
24/7 Wall St.https://247wallst.com/personal-finance/2024/10/10/im-55-with-300000-left-on-my-mortgage-and-200000-in-savings-should-i-focus-on-paying-off-my-mortgage-or-boosting-my-retirement-accounts/
While financial considerations are important, psychological comfort also plays a role. For some, being debt-free brings peace of mind as they approach retirement.
24/7 Wall St.https://247wallst.com/personal-finance/2024/10/10/im-55-with-300000-left-on-my-mortgage-and-200000-in-savings-should-i-focus-on-paying-off-my-mortgage-or-boosting-my-retirement-accounts/
Read at 24/7 Wall St.
#retirement-planning #mortgage-management #investment-strategies #personal-finance #financial-decision-making
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