We owe ~$310K on our mortgage, at 3.625% 30yr. I was thinking of taking lump sum on pension and paying off the mortgage.
I expect to retire in a year. We owe ~$310K on our mortgage, at 3.625% 30yr. I was thinking of taking lump sum on pension and paying off the mortgage.
Bad idea?
Yes, bad idea for you. Great idea for Uncle Sam, you'll owe him a bundle in taxes.
Hi,
I am 63yo and in good health. Both parents still kicking ... Dad is 94, Mom is 88.
Have 27 yrs left on a fresh mortgage. Emotionally, I hate the idea of having the mortgage for possibly the rest of my life.
Still, the numbers say don't pay it off.
Leave emotions out of finances and investing. They make you do unwise things like paying a large tax on a lump sum pension. If you need a reason to keep the mortgage, think of it as someone letting you use a lot of their money at a very reasonable loan rate.Hi,
I am 63yo and in good health. Both parents still kicking ... Dad is 94, Mom is 88.
Have 27 yrs left on a fresh mortgage. Emotionally, I hate the idea of having the mortgage for possibly the rest of my life.
Still, the numbers say don't pay it off.