payoff mortgage at age 69, using IRA money?

I have several IRA’s should I payoff my mortgage? I am 69 years old I owe $60,167 with a payment of $821.73 with 8 years left on my loan. by paying off loan I save $78.886 please advise

Terry Says:  OK, this answer is about more than math.  You don’t tell me much about your income, so I don’t know how “valuable” this mortgage interest deduction is.  And I don’t know the interest rate you are paying (although if I used a calculator and did the math, maybe I could figure it out!).   And I don’t know if you are still working, and have the income to pay the mortgage every month.  Or what the balance is in all your IRAs, so I could see how large an impact on your savings the payoff would be.

But what worries me most is not that you didn’t give me this information — but that you aren’t thinking along those lines yourself!  You could benefit from a session with a Certified Financial Planner.  Go to www.PlannerSearch.org or www. CFPBoard.org.   Typically the first meeting is free, and you can see what other issues you might be missing in planning for your future — things like a will, healthcare power of attorney, long term care insurance and much more — not to mention a plan for withdrawing correctly from your IRA to make it last as long as you do!