Ask Terry Questions WHERE SHOULD I PUT MY MONEY

WHERE SHOULD I PUT MY MONEY

By Terry Savage on January 01, 2021 | Chicken Money

I have 70,000 in savings. and I owe 90,000 for morgage I get 5,000 a month in VA benifits and social security. Shell i pay off morgage. Or invest in retirement. I am already retired. And i have no other bills at this time.

Terry Says

Yu should keep this money safe in a bank. If you have a low rate mortgage–under 3.5% — there is no reason to pay it off. And you might need cash for emergencies. Yes, it’s tough to leave money in the bank today since they pay almost nothing in interest. But at least you won’t lose a penny. And rates will likely rise in the next two years.
Now, if your mortgage rate is higher, you could try to refinance your home to a lower monthly payment. Based on your retiremetn income, they may give you a different loan at around 3%. Other than that, be glad you have savings and are healthy!

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