AllWomensTalk.com has a great article out highlighting 7 things you should consider if you’re thinking about paying off your mortgage early. While they’re all good, number 3 really stuck out to us.
Number 3 is “What does your retirement look like?” and it’s a great question. Just because you can pay off your mortgage early, doesn’t necessarily mean you should.
If you have an extra $300 or $400 a month, putting this money toward your mortgage might work. However, this approach only makes sense if your retirement savings is on track. If you haven’t started saving for retirement, or if you’re contributing the least amount to your retirement accounts, you might delay paying off your mortgage and focus on beefing up your retirement account.
You can check out the full article with all 7 things to consider my clicking here.