This Couple Cannot Decide: Pay Mortgage Early or Invest in Stock Market
Paying off your mortgage is a great thing to do. It also stops your biggest monthly payment. One couple in their 50s has...
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A couple in their 50s has an extra $500 every month. They cannot decide if they should pay their mortgage faster or invest in the stock market. They have a 30-year mortgage at 3.55% interest and plan to finish paying in 11 years.
They already saved $1.6 million for retirement. People on Reddit gave different advice. Some people said to pay off the mortgage first because it gives more security, especially when they get older.
If they lose their job or have health problems, having no mortgage helps. Other people suggested splitting the $500 - put $250 toward the mortgage and $250 in investments. This way they can reduce debt and grow their money at the same time.
The couple needs to think about their personal situation and choose what feels right for them.
Original Article
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