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There are many factors to be considered before making extra payments or pulling from your savings to pay off your mortgage.
The secret to developing an interest in spending time improving your finances is creating a vision of what you want your money to achieve.
Create a portfolio that supports your financial goals, provides liquidity for short-term needs, and gives you peace of mind. Establish an asset allocation that you can stick with through a major drop in the stock market.
Regardless of the reason for selling your home, a common question is how much capital gains tax will be due on the sale.
You can take Social Security as early as 62 but this could result in a reduction of up to 30% in benefits.
Generally, the happiest retirees are debt free with no credit card debt, a paid off mortgage and no car payments. They also have several sources of income such as Social Security, a pension, income from investments, rental income, royalties, or a part-time job.