This is a bigger question than just paying down your mortgage. It’s the perfect time for you to consult a FIDUCIARY FEE-ONLY financial planner. find one through the link at the top right of my website. That will take you to Wealthramp.com — a service run by a friend of mine (and co-podcaster at Friends TAlk Money) Pam Krueger. She will match you with a Fiduciary FEE-ONLY financial planner she has carefully vetted. You pay nothing extra. Try having just one meeting for a set fee.
You think the alternative is using the cash to pay down your mortgage or invest. But do you have Long Term Care Insurance?
Perhaps that money could be used for a one-time premium that buys huge peace of mind against an unexpected healthcare challenge that could wipe out all your retirement plans, not to mention your kids’ inheritance!
That’s the kind of issue a financial planner will ask you to consider — the big picture, not just the current impact.