I am 65 years old and just purchased a 10-year mortgage; is it wise to withdraw from my 401(k) when I retire in one year to pay off my mortgage?

I am 65 years old and just purchased a 10-year mortgage. When I retire at age 66, I want to withdraw enough money from my 401(k) to pay off my mortgage. I only have a car payment, as far as other debt. With my other retirement accounts, I will have enough. Is withdrawing from my 401(k) a wise thing to do?

Debt, Retirement, 401(k), Real Estate, Taxes
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No, it's not.  Make the payments on time and retire that mortgage in 10 years.  This will defer taxes on the 401(k) -- or rollover IRA, really -- until the year the money is withdrawn, and might result in a lower tax rate on all of it  Much better to withdraw over 10 years than to pay it all at once.  Just make sure that your investments produce a higher return than the interest you are paying.

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