How do you pay off a 30 year mortgage and also save for retirement? So how does retirement saving get achieved? Isn’t it better to pay off debt before trying to save?
Should you roll your credit card and GE money balances into your mortgage? What about taking advantage of the zero percent interest on credit card transfers? What if your daughter decides to get married? Have you got a spare $20,000 to fund the wedding? If you are 35 now, that means 65 to be debt free.
These questions do not always have obvious answers. Managing debt effectively would be the single most critical component of achieving your financial goals. So how do you save for retirement and pay off a 30 year mortgage at the same time?
It very much pays to have an independent look at your total debt, including your mortgage, credit cards, so called ‘interest-free’ loans, car payments and all other debt at regular intervals. Right now interest rates are very low so it’s the perfect time to review your debt. Call me to do this for you.
And regarding retirement, make sure you pay into KiwiSaver as a good start to your retirement while you still have a mortgage.
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