Personal Investments • Pre-Retirement Q: Pay off mortgage vs Invest???

Hi,

I have a pre-retirement question:

Basic Stats:
* I'm 59yr
* Plan to retire around 63-64y
* I have no debt, other than mortgage on the house (4%, 327,000.00 left on the loan)
* I have a decent amount of monies saved up and will also have a pension after I retire (along with 401K)

Question: I have been maxing out 401K and for a long time, I've been investing whatever extra funds I had into a mutual fund. However, I also want to pay off the mortgage around the time I retire largely for psychological reasons (I just don't want to have any debt). I've briefly spoken to several financial folks about this and some have said not to pay off the mortgage sooner than later due to tax reasons (I live in CA) but then others have said to pay off your debts (including mortgage) as soon as possible. Is this issue a "no brainer" situation and if so, what's the recommendation? If it's more of a grey situation, that would be helpful to know as well and then I'll pursue my plan of utilizing any extra funds I have to pay off the mortgage sooner than later, which is also going to "save me" monies on the interest front.

Thanks in advance for any thoughts, Harry

Statistics: Posted by harryshin — Sun Oct 20, 2024 11:16 pm — Replies 2 — Views 84

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