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Dumbo | For retirment, is it better to try to pay off the mortgage, or put money aside for retirement? |
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Sidoney
|
My schooling has always taught me to NOT pay off mortgage, because it's a tax write off at the end of the year - if your mortgage rate is good, you may earn more from intelligent investments, if something weird were to happen and you didn't have the leverage of borrowing against the house, your only recompass would be to do a reverse mortgage and I really don't like those. |
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derek
 |
That all depends. It's really a question that you have to answer for yourself. There are good arguments to be made for paying the mortgage off, just as there are good arguments for putting money aside for retirement.
I'd say that you need to do both. Hopefully it is not an either/or situation for you.
Another consideration is, the "real" mortgage rate (tax equivalent) and the assumed rate of return you'll earn on your retirement account. |
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norsmen
 |
try to pay off all bills a couple of years before retirement and then save as much as passable |
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Dr Dee
 |
pay off the mortgage |
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ken
 |
it really depends on the situation, your finances, tax bracket, age and the interest rate of the mortgage. the older you are with larger mortgage payments and higher mortgage interest rates then you should lean to pay the mortgage, for the reverse younger etc. then you should invest. |
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Bear Naked
|
Putting the money aside for retirement will gain you interest. Pay your mortgage off when you can do so with what you have saved. |
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noogney
|
pay off the mortgage, dont cultivate liability. now with good health and lifestyle people are living longer and working beyond retirement so that option of earning is always there but debts are like a noose. get your debt cleaned up then think of retirement savings |
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fundoctor
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Pay it off man. It'll be better in the long run. |
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Hoa N
|
really good question. If you already lock in the mortgage payment, you are already lock in the future rate of inflation. Let me run down the scenarios of rich house, and poor cash Or the house and rich cash.
Let me give you an example, let say you have 100000 mortgage and your payment is 650/month( means you pay the same amount for 30 years, you lock in the rate of future inflation while the real estate price also apprecaitted) and 100000 cash account put in investment that beat the rate of inflation
So with the 30 years span for the sake of comparision. historical stock price appreciated 10%/year. So The Rule of 72, your 100000 is double roughly in 7.2-7.5 years, so in 30 years span 100000 double 4 times
meaning the first 7.5 years, 100000 become 200k, the next 7.5 years will be 400k, the next 7.5 years will be 800k, the final 7.5 years will be 1.6 Mill USD. hopefully by the time you paid off the house in 15-30 years. withh 1.6 mill and the free house. you are live confortable like no one else |
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Rare Indigo
|
There is a school of thought that says to start saving now and don't sweat the mortgage now while rates are low. The theory is that if you dump all your disposable income into the mortgage and don't save, your house could be worth less when all the baby boomers start dying off and real estate declines. The hook is, if you think that your country will open up the floodgates to immigration then house prices may not fall. Nothings certain so if you can swing a bit of both that would be the best mix. |
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Applecore782
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Pay off the mortgage while putting a small amount aside for retirement. |
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pknag
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put money aside. Cash is king. |
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