Ask an Advisor: As a Retired Teacher With a Pension and $550k Saved, Should I Pay Off My $120k Mortgage?

Group 1 - The article discusses a common retirement dilemma regarding whether to pay off a mortgage or maintain savings for future security [2][3] - The individual in question has a house valued at approximately $750,000 and an outstanding adjustable-rate mortgage of around $120,000, with a monthly payment of $1,450 that has increased by $400 over the past year [2] - The individual has a stable income from a pension and Social Security, which may cover most of their expenses, suggesting that they could afford to pay off the mortgage without significantly impacting their financial security [5][6] Group 2 - The article emphasizes the importance of comparing regular expenses to retirement income to assess financial stability [4] - If the individual can cover all expenses with guaranteed income sources, they would still retain a substantial amount in savings, indicating a secure financial position [6] - The potential elimination of the monthly mortgage payment could provide additional financial flexibility, allowing for savings or other investments [6]