I’m 64 and getting ready to retire in one year. I owe approximately $165,000 on my house with no other debt. I have close to $850,000 in retirement savings, $2,200 a month from a pension, approximately $,2300 a month in Social Security benefits and $300 a month from my ex-wife’s pension. I also drive Uber for approximately $1,500 a month.
What you need to do before you can even answer this question is jot down every single expense you anticipate you’ll have in retirement, and add a little extra cushion for what you won’t expect.
Also see: I have a $250,000 mortgage, with 24 years left on the loan. Should I sell stock to pay off the mortgage before I retire in a few years?
Yes
It depends on your individual financial situation. Have you considered speaking with a financial advisor to explore what options are best for you?
One less expense/liability = more money in your pockets; why not?
Yes !!!!!!!!!! No debt is the answer to financial success.
And they haven't cut your check off yet ?
64? Don't bother, keep your cash. The $5000 alone is good enough.
What a waste of retirement. Sell everything, go somewhere you can live like a king with 5k a month.
A lot of context missing: mortgage rate & is the pension fixed (vs a 401k pension which is variable). This all matters because if the mortgage is at 2%, the advice will be different from 7%. Also, mortgage interest deduction and effect on their taxes can be worth considering.
No, you should just keep it all to yourself!
I don't understand how you can be 64 and still have a mortgage and make that little and still working. What have you been doing all your life?
Good grief, no.
No, is better to have debt and if possible sell it and with the money you make buy something smaller cash.
don't do it. always have cash in hand. travel/have fun with the money you have/can afford to.
No
And it’s nice you’re covering the poor in Seattle
Yes
This is the story I want to hear. Not those guys who make $600k and are “worried” about their future.
Boycott Tesla
Umm… Could -someone link me to that defi money making method people have been using Can't find it?!.