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Pay Off Mortgage?
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<blockquote data-quote="!Retired!" data-source="post: 5625660" data-attributes="member: 24309"><p>How old are you and your wife?</p><p>This is assuming you're 59.5+. If you decide to take money out of your 401 or IRA, it'll count as income for the year and you 'll have to pay taxes on it....assuming neither of those is a ROTH. That will negate any benefit you have with a 2.99 interest rate. You can send an extra payment, or a principle only payment, at the end of the year. You'll always have enough in your 401/IRA n case of emergency.</p></blockquote><p></p>
[QUOTE="!Retired!, post: 5625660, member: 24309"] How old are you and your wife? This is assuming you're 59.5+. If you decide to take money out of your 401 or IRA, it'll count as income for the year and you 'll have to pay taxes on it....assuming neither of those is a ROTH. That will negate any benefit you have with a 2.99 interest rate. You can send an extra payment, or a principle only payment, at the end of the year. You'll always have enough in your 401/IRA n case of emergency. [/QUOTE]
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