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Level 1

Question

Pay off mortgage?

Forum|Forum|3 years ago
November 16, 2022
1 reply
27 views

I'm retired, 63 years, not working. Should I pay off my primary home mortgage? I have money in an annuity (I can withdraw 10% a year with tax but no penalty), rollover IRA, Roth IRA, and military TSP account.

Level 5

There are pro and cons to doing this.

The Pro is you get rid of the interest payments on your mortgage and build total equity.

The con is the tax. If there is no early withdraw penalty then you should be good to go.

I would calculate the amount of taxes paid to the interest saved, this will give you your best answer in moving forward.

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