My wife and I have done very well working in healthcare the past 25 years. We’ve always taken advantage of 401 and 403 to the max, and have additional savings in an IRA and almost no revolving credit debt. We currently have $1.8 million in these savings accounts.
I understand that we are blessed to have such a nice nest egg, but I worry that stretching that house payment into our first five years of retirement will eat a huge chunk out of the retirement funds that could jeopardize longer-term planning. We also plan on this house being the bulk of the “inheritance” for our two children, so don’t plan on selling and moving once we finally make the retirement plunge.
Depending on the terms of your mortgage, you may be limited on the amount in overpayments you can make , and as galling as it seems, there may be a penalty for overpaying. In your case, that could actually be a good thing. Your tax-advantaged retirement savings at, say, 6% will be doing a lot of the heavy lifting for you, offsetting your 2.5% interest rate, given the size of your 401 — far above the national average — and your salaries.
Even taking an average return of 6% on your 401, plus each of your Social Security payments, and inflation, you would still have enough to live comfortably and pay down your mortgage and/or downsize if you wish.
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Ever going to run stories about people who aren’t millionaires?
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horrible
This is depressing! Everyone has so much $$ except me
The writer who makes these up is really stretching it 🤔
lol, marketwatch, low-level gossip trash journalism disguised as serious financial news magazine.
She’s right. Calculate how much interest you will save if you pay it off today. Then calculate how much your 1.8M is making + what you’re contributing with that salary. You will spit out your coffee and thank your wife. It should be something astronomical like an extra few M’s.
If your money is earning more interest than the interest you are paying on your mortgage, she’s right. Especially during inflation. The only solution for inflation is a money shortage. If you have money then, it buys a lot of stuff cheap.
shes right and you're too scared
The acoustics here is terrible.
good luck
Don’t be silly. You can do both.
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Who is your audience? I have a $2500 nest egg 36 years old.