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I've just been "out-sized" from my job. A relief actually as the commute and direction the company was going in, were making life somewhat miserable. But enough of that. I'm planning to take the summer off, keep my eyes open for other opportunities (maybe!), but primarily enjoy life and not working for a while. This is the first time I've not worked (since school).
Here is my question that perhaps some of you could provide your thoughts on, I have $600k invested in equities, $60K in CD ladder, $150K in 401K, $200K in cash (waiting to be invested, sitting in MMF), a house in another country that supports itself with tenants, a house here that has $170K left on the mortgage (is valued at $800K); and my annual living expenses, including mortgage, is about $30k with vacations included -- should I pay off my $170K mortage, or at least put $50-60K on the principal to get it down? My mortage interest rate is 5.1% locked in for 15 years. Paying off the mortage would reduce my living expenses by approx $10K annually.
I understand that this more of a personal decision since there are many arguments for investing that $170k to create a greater return, than you would save paying off the mortgage - but I'd be interested in opinions.
Thanks,
Rosalita
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