Reply to Any 50yo+ with retirement savings less than $2million?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]50 & 48 with 600k in retirement savings and 200k equity in a house. [/quote]
Finally someone like us. 50 and 49 .. 600k in retirement savings and just paid of mortgage and student loans. Next is car loan repayment[/quote]

Assuming you had a low interest mortgage, it would have made more sense investing the money you used to pay off the mortgage especially considering the tax benefits of having a mortgage.[/quote]

DP. If they have 200K in equity in a paid off house at their ages, they probably didn't have that much to pay off when they did.

Beyond which, with that amount of equity, the mortgage never was that high. I would also guess they are probably not in a position to itemize, their property taxes not that high, so there really is no tax incentive to keep mortgage interest. I'm sure they just take the standard deduction.

Could they have done something with, say, 50K? Sure. But not everyone is comfortable in equities, and most people know even less about bonds.[/quote]

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