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In response to
"If they're already maxing out they're 401k I'd put it towards the debt then. -- nm"
by
Ender
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Michelle agrees with you!
Posted by
cupixie (aka chris)
Feb 3 '11, 11:02
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ichelle Singletary :
Tell hubby love him but you are right on this one.
If you make just one or two extra mortgage payments a year you can knock of several years from your mortgage and SAVE hundreds of thousands of dollars.
I'm in favor of retiring with no mortgage. Tell him for me to think about this.
Q: What's the biggest expense in our budgets?
A: Our housing expense. For many people it's 30 or 40 or 50 percent of their budget.
So if you retire with that knocked out, you don't have to tap so much of your retirement savings every year, which means your money stretches further into your retirement.
You have all the other basis covered so go for the mortgage.
Tell your hubby, he's got a smart wife. But don't gloat. Kiss him first before you tell him that.
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