nadnerb
Dryer sheet aficionado
I'm 59 1/2 and plan on retiring at 62 or earlier. Nearly all of my investment savings is is in my 401k and pension, so I will owe taxes on withdrawals. I recently became concerned that I don't have enough in a taxable account that I can draw from for spending to lower my income in retirement and hedge against pulling money out in a downturn. I started putting additional $1200 a month cash aside in my emergency savings to build up the taxable account.
Our only debt is 13 years remaining on a 30 year ARM mortgage (balance is about $120K and current rate is 2.85%). So the question is, should I continue to put cash aside, or pay down the mortgage, or perhaps split the two?
Our only debt is 13 years remaining on a 30 year ARM mortgage (balance is about $120K and current rate is 2.85%). So the question is, should I continue to put cash aside, or pay down the mortgage, or perhaps split the two?