"Paying off your mortgage is a sound financial move that saves monthly expenses and can be redirected into retirement savings like a Roth IRA."
"$300,000 for retirement may seem substantial, but without additional pensions, it may be insufficient to cover future living expenses."
The couple is financially stable, with retirement savings of $300,000, zero debt aside from a mortgage, and a recent inheritance of $450,000. They are considering using this inheritance to pay off their mortgage, currently at $264,000 with a 6% interest rate, and to pursue a dream of owning mountain property. However, financial advice suggests prioritizing paying down the mortgage to save on interest and boosting retirement savings through IRAs, rather than spending on non-essential property in a volatile economy.
Read at Slate Magazine
Unable to calculate read time
Collection
[
|
...
]