In a situation when you are approaching retirement and almost debt free with a considerable annual savings, this is very comfortable position to think of retirement. However, if there is any home mortgage you are paying this is the ideal time to pay it with your cash-flow saving. The main reason to do it now is the mortgage interest rate that hovers around seven percent.
As so far investment of non-retirement plan monthly saving is concerned, this amount can be invested in buying shares of a growth oriented mutual fund.
Since there will be an investment of after-tax dollars, the funds shall be managed inside a Roth IRA plan and further earnings and withdrawals will be free of future taxes.
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Pay back your entire mortgage amount before you embrace retirement
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