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22-Jun-2020 16:21

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True, your budgetary needs will be more modest without your monthly mortgage payment, but they will still be significant.Saving toward retirement is an overwhelming task for most, even when a 401(k) is available.They're understandable questions as you plan for retirement: Is it sensible to be squirreling away money in an employer-sponsored retirement plan such as a 401(k) while simultaneously making a hefty monthly mortgage payment?Mightn't you be better off in the long run to use existing retirement savings to pay down the mortgage?That's because paying off interest is frontloaded over the term of the loan."Just because you are 10 years into a 20-year mortgage for 0,000 doesn't mean you now owe the bank 0,000," explains Simon Brady, a fee-only certified financial planner at Anglia Advisors in New York City.Due to these restrictions, a reduction in a 401(k) balance may be nearly impossible to make up before retirement begins.

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Contribution limits are in place that cap the total amount that can be saved in any given year, further increasing the challenge.

That way, you'd substantially reduce your monthly expenses before you leave behind work and its regular paychecks.

There's no single answer as to whether it's prudent to discharge your mortgage prior to retirement; the merits depend on your financial circumstances and priorities.

The distribution would then cost the person ,000 in additional taxes—,000 if they made slightly more and it stepped them into the 28% bracket.

"I’ve seen some people step themselves all the way up to [the] 39.6% [bracket]," Swanson says, recalling the days before the Tax Cut and Jobs Act reduced the top bracket to 37%.However, this advantage is strongest if you're barely into your mortgage term.

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