In 5 years (exactly 61 months) I will be 50 and want to meet 2 financial goals by that time. Goal #1 is to have $1MM In savings in my 401(k). If I continue with my current contribution and average 8% annual return, I will reach that goal. Goal #2 is to payoff my $192k mortage. I can also meet this goal by contributing an extra $14.5k per year. With bonus’s and extra income, I have the means to do this as well. My QUESTION: since my Mortage interest rate is only 3.1%, should I be investing the extra 14.5k and use the gains after 5 years to payoff the mortgage? If so, what is a recommended investment strategy?
Submitted September 29, 2018 at 12:48PM by Rgrosholz https://ift.tt/2Iov3kR
