Should I pay off my car loan because of inflation?

Q. I have a car loan of $60,000 at 0.99% for 84 months. I have approximately the same amount in the bank earning 1.5% interest. We are retired and have investment income with about a 4% return. We are in moderate investments. The investment income and principal amount are basically our only source of income, and should things go smoothly should be adequate until we pass. But like all investments, they are volatile in these times. We also have a pension, but it’s not enough to live on.

That’s especially true in today’s environment, when rates on debt have increased and may increase into the future, he said. “One can argue that you borrowing $60,000 at less than 1% in this high inflation environment is helping you to combat overall inflation, as this may be some of the cheapest money you may ever borrow again,” Cocco said.It sounds like you have approximately $60,000 in the bank, Cocco said.

“If you used almost all of your liquid, risk-free bank assets to pay off the car loan, it may leave you with very little in terms of no-risk emergency funds, which is less than ideal,” he said. “I am a strong believer that everyone - retired or not - must have at least three to six months of their living expenses inHe said the fact that you are earning 1.

“It’s primary purpose is not to make money, but it is to give you peace of mind and some funds to fall back on if life throws you a curveball,” Cocco said. “If you paid off that car loan and you needed money in a pinch and did not want to sell any of your investments since they generate income, you may be forced to borrow money in other ways.

You should leave NJ for every reason imaginable. Unless you are a government worker. Then you are ok

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