Ask Terry Questions Mortgage payoff or retirement savings

Mortgage payoff or retirement savings

By Terry Savage on March 23, 2023 | Financial Planning / Retirement

Is the goal to pay off my mortgage before I retire ? If I do that or try I won’t have any money for stuff

Terry Says

Do you have a mortgage with an interest rate under 4.5%? If so, just keep paying on time. I always used to suggest paying off a mortgage before retirement, giving you more flexibility. But low rates are a great deal so you don’t need to pay off that loan if you have one.
And you should keep saving for retirement at work, or in an IRA, if you are still working.

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