Yes it's better to keep money in the market if the interest rate is higher than your loan/mortgage rate. I'm retired and I thought about paying off our mortgage balance of  42K but the interest rate is only 2.75% vs the 4 - 8% interest I gain on my retirement savings. A financial adviser told me not to do it because I'll be losing the higher interest rate plus paying taxes on the withdrawal amount, will welcome any other suggestion or comment, thanks!

@3hummy   " it's better to keep money in the market if the interest rate is higher than your loan/mortgage rate."    I don't think this is necessarily true. 

What is the value of a paid for house? 

This is an important question.  The stock market is a risky proposition.  It goes up and it goes down. When you own your house market volatility means nothing, generally speaking. Something to think about.  🙂

Having said that, there are several key pieces of information I would need to understand about your overall financial condition before making any sort or real suggestion.

Your financial advisor is correct if he is saying you will pay tax on money you withdraw from investments and/or possibly from retirement such as an IRA or 401(k).

Regardless, I would never advise anyone to take out money already IN retirement to pay off a mortgage. Not a good idea.  A better idea might be to trim current expenses or dig deep into your budget and find a little extra money towards making an additional mortgage payment, maybe even just once a year.  For instance, if you carved $50 from your budget each month and set that aside, after 12 months you could make an additional $600 payment towards your mortgage. Not bad. 

Thanks for posting.  If you would like to connect with me further, you can find me here. 

My CU is completely online. I put $5/wk in xmas fund, $5/wk in vacation fund for kid's bday, have $1000 in money market, and put $50/wk on VISA. The xmas & bday adds up just right, and I never miss it. Had I other credit cards, I would pay off the highest interest rate.

this is no good for seniors not at all some one from 25 to mid 30's will benefit from this suggestion

I pray this doesn't come across as harsh, yet sounds like you all do not need to be retired!  Retirement is a time in your lives where you should not be living paycheck to paycheck, and your debts are paid off and you are comfortably able to pay your remaining monthly living expenses (utilities, groceries, gas, etc). You all may want to consider getting some type of income flows into the household....whether it be work from home gigs, couple hours a month at a local business in the neighborhood, something to bring in additional income.  

@tiffanyfreeman Did you read my post? I’m sure you were not referring to my message about being retired & keeping my money in retirement fund vs taking some out to pay off my mortgage which is the only debt we have left. I’m living comfortably in retirement thank you. It’s  because I was diligent in saving, spent my hard earned money wisely & always pay off any credit card debt, using it only for rewards. I also know a little bit about financial management and prepared for retirement so was able to leave work a little earlier at 63. I do feel sorry for other retired seniors who have difficulty staying afloat & have to go back to work to make ends meet. 

@KStevenson thanks for your response, I might take your offer & contact you sometime. 

@3hummy If what I said didnt apply to your situation, then I wasn't talking to you. Stay blessed!✌

@3hummy 

I am here when you are ready.  Sent you a reply email with a link, but have not heard back from you at this point.  

Thanks for all your information it is very helpful

Thanks for all your advice KS, hope everybody takes your offer of help in this forum, God bless!

@3hummy   Wonderful to talk with you as well!  Glad you reached out for help.  😄

All others - if you need help with your finances or are scared about your financial situation due to COVID-19, please visit me here to sign up for a NO CHARGE, 30 minute, emergency budget review.

How is that company

I have used you for about 4 years.....you completely screwed me this year, by making me a fee, for federal... I'm a 1040ez....I paid it, because it needed to be filed. I will NEVER EVER use you again....and I'll make certain everyone I know, knows this...have a great day  🙂

I would say use a couple of credit cards for Bill's first a few months and save that money for a trip or something nice for yourself and jus pay the cards off in a timely fashion ?

Thx