I’m Nearing Retirement. Should I Pay Off My Mortgage?

When you’re nearing retirement, is it a better idea to pay off your mortgage or invest that money?  Q: Greetings! I’m a long-time listener to your radio show and read your free weekly newsletter. You even gave me good advice nearly 10 years ago when I called your show about my real estate in Georgia. But I have another question and hope you can help. Would you advise to pay off the house? The mortgage loan balance is $100,000. I have $120,000 in cash in the credit union, another $13,000 stuffed under my mattress (that’s my “world is coming to an end” cash stash) and more than $350,000 in my retirement account. My mortgage payment is $564 per month.

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I’m Nearing Retirement. Should I Pay Off My Mortgage?