in retirement funds and a home worth about 375k aand still owe about 300k on the house.. The question is will I ever be able to retire
? BTW I hate my job but it puts food on the table.
All the best, Sunny
850k saved for retirement is abnout 34k of income using a 4% withdraw rate. If you can live off 34k, you have potential.
If 2 years of paying down mortgage is 100k of "disposable income", then maybe you want to think about this:
What is interest rate on mortgage?
If adjustable, but below 5%, set the money aside in a conservative investment earning around 6% post tax (40-60 balanced fund works).
If fixed, and below 6%, set the money aside in a conservative investment earning around 7% post tax.
If fixed, but above 6%, pay down mortgage with 100k.
If adjustable and above 5%, pay down mortgage with 100k.
The goal is to have the highest amount of mortgage paid down in 2 years, so if you can invest and earn more than the interest rate, something to consider (this has risks associated with it).
If 4 years of working can pay off 200k of mortgage, then the picture becomes clearer... while the 850k grows (I assume this is growing around 8%?).