Ask Terry Questions Paying off my mortgage

Paying off my mortgage

By Terry Savage on June 14, 2023 | Housing / Real Estate

We have eight years left on our mortgage we’re going to retire in two years. Should we take money out of our 401(k) to pay the balance remaining on our mortgage?

Terry Says

No. You’d have to pay taxes on the withdrawal and lose all future tax-deferred growth. And I’m assuming your mortgage has a rate lower than 5%.

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