Think Paying Off Your Mortgage Early Is Wise? You Could Lose Thousands in Retirement Savings

Key Takeaways Extra mortgage payments can starve your retirement accounts. Pouring too much cash into home equity can leave you "house-rich, cash-poor." If your mortgage's interest rate is under about 6%, you might want to leave the payoff schedule alone and invest your extra funds into the market. Paying off your mortgage early sounds like the responsible move. Often, it can be the expensive one. Almost half of U.S. families don't have a retirement account at all. Among those who do, the median ...