I’m 67 and retired with $57,000 left on my mortgage and $600,000 saved for retirement — should I pay off my home now?

I am 67 years old, unmarried, and retired at the age of 66. My pension pays me $3,100 per month after taxes.

I receive $2,100 every month from Social Security after taxes and my Part B Medicare premium. I have about $100,000 in mutual funds/savings accounts and $500,000 in a 401(k).

Barring a catastrophic event, I can live comfortably on the $5,200 I receive monthly from my pension and Social Security. My pension and SS cover my basic requirements and costs, 

so I don't intend to withdraw from my 401(k) until I'm 72 and legally obligated to do so. There isn't much left over for "fun," 

but because I have two adult children, one granddaughter, and one on the way, any spare money goes to them.

My enquiry. I own a house valued about $275,000 and pay a $800 monthly mortgage. I still owe $57,000 on my mortgage.

I have a seven-year, 2.65% mortgage that I refinanced in 2020, therefore I have five years left on it. Should I pay off my house with my savings or keep paying the mortgage until I have to relocate to a house with no stairs?

This is an age-old question, and I appreciate you asking it. Many other retirees are wondering the same thing you are, and they may be in similar financial situations where they can pay their bills and have money saved in their retirement accounts. 

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