Is Paying Your Mortgage Like Saving for Retirement?
For most people, a mortgage is their biggest monthly bill.? Although few realize it at first, their mortgage also represents one of their biggest savings each month. Since a part – a growing part – of every mortgage payment represents the repayment of principal, part of that big monthly bill is actually savings.? at the end of the typical 30-year mortgage, you’ll own your home free and clear.? Depending on what happens to the value of your home over that time, you might find yourself with quite an asset.
While a mortgage is certainly no substitute for a 401(k) or IRA, it’s certainly better than that other big monthly bill – the credit card.
Is your mortgage part of your retirement plan?
Is Paying your Mortgage like Saving for Retirement? originally appeared on About.com Retirement Planning on Monday, August 22nd, 2011 at 13:00:39.
Leave your response!