Hi All,
I'm 49, currently living with my BF in a reasonably-priced condo in an expensive area (will retire much cheaper), and trying to retire with over a 1M net worth in my early 50s. I earn $76,000/year; my net worth is currently 720k (not counting the worth of my condo); and I invest 65% of my income yearly overall.
My only remaining debt is an $8,600 mortgage at 6% interest that I've been making extra payments on every month (around $630 total). Lately I've been thinking about paying it off in one fell swoop and investing the same amount every month instead. I have sufficient cash available in one of my accounts to pay off the debt, still leaving more than 6 months expenses for an emergency fund.
I want to invest, save, and grow as much as possible these last few working years. Good idea to pay off the mortgage? Where to put the monthly money if I do pay it off? Comments or advice?