I’m 55 and will retire with a healthy pension this year. My boyfriend and I just purchased a home and put down $150,000 on the $390,000 purchase price. He will have a healthy pension in retirement also.
See: ‘I will work until I die’: I’m 74, have little money saved and battle medical issues. ‘I want to retire so I can have a few years to enjoy life.’I understand how frustrating that interest rate must be for you, especially after having a significantly lower rate in the past. Still, I wouldn’t suggest you jump to your retirement account to pay down your mortgage quicker. There’s a lot to consider before making that decision.
For example, I always suggest starting with the absolute basics. How much do you have coming in and how much do you have going out.
Also see: I’m 64, make $1,500 a month driving Uber and get almost $5,000 a month in pensions and Social Security—should I pay off my mortgage before I retire?