What to do ??

[Ron G]

I'm 43 years old and want to retire in 7 years. I will draw 60% of my salary from a PERS pension and additional 4% draw from deferred comp. I have an existing, 10 year interest only mortgage that I make a $500 monthly principal payment to.
My question is, should I continue to make the principal payment to help buy down my mortgage. Or should I invest the $500 a month into a deferred comp or some other retirement fund??
My present mortgage balance is around $335K, house is valued around $700K

                                                         OR
Should I buy the really big boat now, pay it off in 7 years, sale the house and be Mexico bound 

 

[spideyrdpd]

If this a party boat and your coming down to ft lauderdale. Then I vote for the boat.
Whats the rate on the mortgage ?
I would lean towards investing is stocks or other real estate. Since my returns are higher than my mortgage rate. I do my stock investing in the roth. So I dont have to pay tax on my gains.
Do you have the 401k with a match ? Wife with a 401k with a match ?

 

[2B]

Not enough data

What are your assets, expenses, will you keep the house, future liabilities, is the pension COLA'd??

 

[Spanky]

It's usually better to pay off debts unless the interest rate is low or lower than what you can get from your investments.