2023 EP0325 | Financial Updates | Should You Pay off Your #mortgage Before You Retire?

A lot of us want to go into #retirement debt free. But before you pay down that #debt, you should consider a few specific variables. And as Peter Richon with Richon Planning explains to Erin Kennedy, this isn't a strictly financial decision. So before you put money toward that mortgage debt, first consider: -Your mortgage rate: if it's very low, your money may be better spent in another investment with a higher rate of return -Tax Consequences: you would potentially eliminate a mortage write off, and there are penalties if you withdraw money from retirement accounts early -Prioritize Paying Down High Interest Debt: as interest rates climb, that will make certain debt more expensive -Prioritize Savings: saving for retirement should always be a priority, and make sure you have an emergency fund If you would like to talk through the implications of paying off your mortgage, or if you'd like to learn if there are other investments that may offer a higher return, please feel free to call Peter at (919) 300-4886 or by visiting www.RichonPlanning.com #MortgageRate #DebtFree #WealthManagement #FinancialPlanning #TaxPlanning