Should You Pay Off Your Mortgage Before Retirement

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[kckuc]

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

[richardsanchez]

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.

[wdeemarwdeemar]

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

[Nodularguy]

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.

[Paul-stsi]

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!

[dynomax]

How can you even live or retire still having a mortgage. That is ridiculous

[sergiosantana]

NO DO NOT PAY OFF THE MORTGAGE.
All of their 1.5 mill is in a pre tax account .They will have to withdraw over 575k to net the 440k to pay off the balance at an effective tax rate of 32%.

Some consideration should be to use a reverse mortgage to pay off the balance and eliminate the mortgage payment
Br eliminating the mortgage payment you can know tilt your portfolio more towards equitys.

The growth on your portfolio with a higher percentage in equitys will more than make up for the cost of the reverse mortgage.

[jeffmartin]

What is thier retirement income. A big factor

[bigkahuna]

Good video, what you didn't cover is sleeping at night. Debt free made this last year 1/2 easy-pezy. The #s didn't change that much either.🥓🥓🥓

[billyrayband]

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.