Paying down mortgage
Hi Terry, just saw you on WGN and you answered the question about paying the mortgage vs. 401k contributions. In this case their mortgage interest rate was 2.25% and you said to contribute to the 401k. My mortgage rate is 4.375% and balance is $144K. I have a little extra money and I am not sure if I should pay the mortgage down (which I could do before retiring at 70 if I contribute an extra $1K/mo) or put into ROTH, SIMPLE IRA or 401k. Thoughts?
Terry Says
That depends on how your 40l(k) is invested, how much cash you have on the side, and your risk tolerance for those 40l(k) investments. I can’t guess at those things. But I think you might benefit from at least one session with a fee-only financial planner you can trust to sort out your future income needs, and your retirement plans. Now is the time to do that. Find a FEE-ONLY, FIDUCIARY financial planner you can trust at Wealthramp.com
