Ask Terry Questions payoff mortgage at age 69, using IRA money?

payoff mortgage at age 69, using IRA money?

By Terry Savage on October 12, 2015 | Financial Planning / Retirement

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 or www.   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!

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