A 66-year-old homeowner with $250,000 left on a $330,000 mortgage is debating whether to pay it off. Financially, it may be wiser to invest that money, potentially earning $967,000 in 20 years. However, paying off the mortgage now could save $142,000 in interest over the next 20 years.

With a $770,000 retirement savings, the decision to pay off the mortgage is more about peace of mind. By paying it off, you would save on interest and free yourself from mortgage payments. However, leaving the money invested could yield higher returns in the long run.

Consider the bigger picture when deciding on your financial future. Assess your expenses, income sources, and potential lifestyle choices in retirement. While delaying Social Security until 70 can increase your benefits, the decision ultimately depends on your longevity and financial goals.

Experts debate whether delaying Social Security benefits until 70 is financially beneficial. Factors like life expectancy, market conditions, and personal preferences all play a role. Consider your individual circumstances and consult with a financial advisor for personalized advice.

Retirement planning involves a variety of financial and nonfinancial considerations. From investment strategies to Social Security decisions, the key is to make informed choices that align with your goals and priorities. Consult with experts to create a plan that suits your needs and preferences.

Read more at Yahoo Finance: I’m 66. My mortgage is $250K and the rate is 3.4%. Would it be foolish to pay it off from my $770K investments?