Fox Business -
Dear To Her Credit,
When I retire, is it better to pay off an existing home mortgage with IRA funds or leave the funds alone as long as possible and continue to pay the mortgage?
Paying off a mortgage when you retire, even if you have to use retirement funds to do so, may sound very appealing. We’re not making much money in savings accounts or money markets right now, anyway. Surely, the thinking goes, if we all paid off our mortgages, we could retire and live on very little income.
Nevertheless, unless your mortgage balance is very small in comparison to your retirement nest egg, I would strongly advise against raiding it to get rid of your mortgage.