Fairly new to MMM. Debt free except for our home, and unlike many of you pretty close to "normal" retirement age. That said, would still LOVE to retirement as early as possible. Ages 56 and 57, and our question is do we pay extra toward our mortgage (14 years left) at this point in our lives, or build up our retirement? We have approximately $4,000 extra a month after maxing out our Roth IRA's and contributing 13% (mandatory) into our retirement at work; $163,000 left on our mortgage at 3.25%, and $375,000 currently in retirement.
Both of us will have a government pension, which is guaranteed for life (I know, nothing is guaranteed), however unless it changes our pensions will pay out until we die, regardless of whether our portion in the pension fund runs out or not. Our pension is currently 50% fixed, and 50% variable fund. Over the last 28 years the fixed fund has averaged 10.32%, and the variable 19.10%.
Thanks for any advice you can give us.
Deb