Mortgage and retirement savings may appear to be of financial as well as emotional importance at the same time. However, a practical focus will allow you to see where your priorities should lie. Average debt of home owners was $300,000 and average employee 401(k) balance was only $91,800 in 2015. Read on for learning how saving for retirement beats paying down your mortgage. A home indicates rite of passage towards well-rounded, secure adult complying with society’s unspoken rule. While taking on a mortgage payment is a given, owning a home outright does not guarantee a secure retirement life. Don't think too much, just start to apply for senior citizen reverse mortgage loans.
Planning for retirement is based upon the assumption that you are looking forward to a rosy future. No one knows what the future brings. Focus on practical pros and cons for prioritizing saving for retirement or paying off the mortgage. Paying off mortgage to own your home outright and saving on interest was great until the glow of retirement savings took over. Investing for a retirement nest egg yields better financial results over aggressive mortgage payments.Get Quick Approval
The perpetual debate over saving for retirement or paying off mortgage early may never end. However, you are getting on in years and now is the time to make the right decision! Limited resources over trading off between the two makes financial sense dominate over emotional attachment. Here are five reasons to convince you why considering should i pay off my mortgage early or save for retirement has become so important.
1) Don’t Put All Your Eggs in One Basket
2) Maximize Time Value of Money through Retirement Savings
3) Take Advantage of Heavier Tax Benefits with Retirement Savings
4) You Benefit Only If You are Planning to Live in Current Home Post Retirement
5) Mortgage Loan Has Fixed Loan Term Ending Your Debt Eventually – Time Is The Best Healer!
If you go over the arguments both ways repeatedly, you will eventually see why saving for retirement should get priority over paying off your mortgage early.