AboutJohn D Smith, CFP Expertise I can answer detailed questions regarding mutual fund investing, retirement planning, education planning and related financial planning/investment issues. I have a B.S. degree in Financial Planning & Counseling. I am also a Certified Financial Planner (CFP) and have performed fee only investment management and financial planning services for the past 11 years.
Question I have recently retired. I have enough money in a guaranteed growth annuity to pay off the mortgage, 56000.00.shouild I pay it off or reinvest the money? My pension and income from investment properties does pay my bills with some left over.
Answer Hi. Whether you choose to pay off your mortgage or not depends on your specific financial situation and what you are trying to accomplish. For this reason, there is no right or wrong anwer that applies to everyone. From purely a financialy standpoint, if you can use the $$ for investments and earn more after tax than the cost of the mortgage, then it makes sense to do this. However, there are other factors to consider so this isn't always the best move for all people. Sorry I could not offer clearer advice.
