Retirement/low savings
I want to pay my house off before I retire. What is my best option?
Ready to retire now, in the next few months. 47yrs. on job. 70 years old. Approx. 5 yrs. left on mortgage. $65,000. Started saving late in life. About $150k in savings. Already drawing SS. Will get a decent UAW pension.
Terry Says
Wait. Paying off your mortgage may not be the best route –especially if the mortgage has a very low interest rate (below 5%). There’s a lot you didn’t say.
Where would the money come from to pay off the mortgage?
Have you considered where you want to live in 5-10 years? (Perhaps you might want to sell the house and move, so no need to pay off the mortgage).
This is a great time to do some financial planning with someone who can look at the big picture and isn’t trying to sell you something!
I suggest you read this: https://www.terrysavage.com/pam-krueger-wealthramp/ to find someone you can trust in this regard.
