16. Save $1,000+ per month – Pay down mortgage with savings if nearing retirement (age 50-55+)

Take at pre-retirement age (60-62) corporate and private (sponsored) pensions (could be $50,000), together with some savings or not and immediately pay off the remainder of the mortgage, saves you $1,000 per month in mortgage payments so you can retire earlier.

Ask your previous employers including government how much your supplemental retirement income would be (monthly and lump sum), including pensions plans, life insurance policies.

If you have a mortgage, of like 30 years, and you are reaching retirement (lets say you are aged 55), and suppose you still have to pay 5 years worth of mortgage payments, you could go to your bank, ask them to fully finish the mortgage (ask them the amount of home equity still to be paid, don’t include the remaining interest payments), if that is $50,000, then using money from your savings accounts, retirement accounts or 401K, and pay the remaining balance. You will instantly save those monthly mortgage payments and you know your house is yours. Another reason to be able to go into pre-retirement. This also proves that when you save money with the family budget, you can close your mortgage 5-10 years earlier. The interest on those savings or retirements or 401K accounts doesn’t beat  the interest cost of the mortgage payments. Even the tax-cost for taking money from your 401K to cover the remainder mortgage payments may be well invested.

Use savings to pay off mortgage and retire earlier; 15 years of savings and 15 years of paying off mortgage could fully pay off a 30 year mortgage. After that, rent out house and get into pre-retirement abroad cheaply for $1,000 per month.

Take at pre-retirement age (62) corporate and private (sponsored) pensions (could be $50,000+), together with some savings or not and immediately pay off the remainder of the mortgage, saves you $1,000 per month in mortgage payments so you can retire earlier.

Also check out idea nr. 70: $$$ Save $1,000+ per month – Maximize your 401K contributions and use a loophole to cash in on the 401K tax-free for you (and your spouse) and close your mortgage with it

Also check out idea nr. 145: $$$$$ Make 8-11% annual return - Become a real estate investor with Fundrise

Also check out idea nr. 90: $$$ >> Make $2,000+ per month – Become an Make-Money-Become-Millionaire consultant!

< Back to list
Please tell your family and friends about this website! Share on Twitter & Facebook!



Please also check out these millionaire-ideas:

77.$$$ >> Make $1 million+ over 20-30 years – Become a millionaire – Purchase foreclosed properties, renovate them, and resell them for profit or rent them out

118.$$$ >> Make $1 million in 24 years investing $1,000 per month in dividend stocks

148.$$$$$$$ >> Make 100% return per year on the stock markets with FinViz stock screener - Turn $5,000 into $600,000+ in 12 months time!

154.$$$$$$$ >> How to turn $100 into $1 million in less than 2 years time on the internet - Fastest way to become an internet millionaire!

Don't have a job? No problem!

140.$$$$$ >> Make $1,000+ per month - Make $30/hour testing websites

141.$$$$$ >> Make $1,000 per month - Make an easy $1,000 per month online

124.$$$ >> Make $1,000 - $10,000 per month with TaskRabbit
Please tell your family and friends about this website! Share on Twitter & Facebook!
Please visit this website daily and share this awesome website with your family and friends!
Tell your family and friends, about this website, and ask them only $200 per month for you reviewing the hundreds ideas of this website with them and become their financial adviser! You get 10-30 clients in no time and you make $2,000-$6,000+ per month in no time!
This website is a financial goldmine! Please check all 241 ideas and you become millionaire!
CONTACT US
Share this website on Instagram and on your website!
Please share this website with family and friends, on Facebook, Twitter, Instagram, by Email, by SMS to help them become financially successful and financially free. Many ideas are $10,000+ per month make money ideas. Keep on reading...
BACK TO OVERVIEW/LIST
You like this idea?
Then bookmark
this webpage!