Pay off mortgage or borrow off of house

[70STOVEBOLT]

Originally Posted by weq92f

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These are all simple calculations. It comes down to how secure you feel about being able to weather unexpected expenses. I like the idea of paying double or more mortgage payments (partially?) from savings in the interim to reduce the note payoff time. As mentioned, this allows for future adjustments in the face of unexpected circumstances.

However, I'm in the debt free camp. I have none and it is wonderful. My house is completely paid off and so my housing expense is tax, insurance, utilities and whatever other service I choose to enable (internet, utubeTV, netflix, etc.) plus upkeep/maintenance.

It's nice to know I can make it to 62 and free money (max SS benefit) without earning any more income. If I work, I can hold off to 67 and get even more free money.

My investments (SEP instead of 401k) continue to grow and I'll be able to dig into that when necessary all the way up to the point I'm forced to take disbursements from it.

You are in a good position. Keep that in your thoughts as you make decisions in this regard. You don't have to rock the boat at all.

Congratulations!

-Kevin

Social Security is not "free money". You paid it all the years you worked. There is no such thing as "free money" as long as the government is involved.