We just downsized last year from a big-a$$ house to something smaller, lower maintenance. Unfortunately, now have fresh 30y mortgage of $347K at 3.625%. Have about $110K in equity.
I am 61yo and would like to leave the rat race in < 3yrs if possible. I currently have $770K in liquid retirement assets (IRA,401K)
Also have 176K in older pension. Wife has $842K lump sum retirement assets. She is 57yo.
Cash flow estimates tell me we will be ok to carry the mortgage into retirement. However, 30yrs is a long time to have that hanging over our heads and it makes me uncomfortable.
Would it be a bad idea to dip into my retirement to pay off the mortgage?
Emotionally, I don't like having a lot of debt.
I am 61yo and would like to leave the rat race in < 3yrs if possible. I currently have $770K in liquid retirement assets (IRA,401K)
Also have 176K in older pension. Wife has $842K lump sum retirement assets. She is 57yo.
Cash flow estimates tell me we will be ok to carry the mortgage into retirement. However, 30yrs is a long time to have that hanging over our heads and it makes me uncomfortable.
Would it be a bad idea to dip into my retirement to pay off the mortgage?
Emotionally, I don't like having a lot of debt.