The reason why: if the government keeps printing money at the rate it has been doing so, inflation is going to come back, big time.
Presuming you have a fixed-rate mortgage, future payments will be with cheaper dollars. Don't dip into your savings and lock up money in your house -- it's a lot harder to get it back out.
Thanks, justlurking. I am trying to think ahead of when we only have SS to live on, and have run through our savings. We have a fixed-rate, and it is decent.
We do have children to fall back on, but what elderly parent wants to do that! We would like to stay right where we are until we are only good for fertilizer.
What percentage of our paltry savings (bank) would make sense to put into small denomination gold and junk silver as a hedge against inflation?
Regardless of the tax deduction, I wouldn’t pay off the mortgage.
The reason why: if the government keeps printing money at the rate it has been doing so, inflation is going to come back, big time.”
Presuming you have a fixed-rate mortgage, future payments will be with cheaper dollars. Don’t dip into your savings and lock up money in your house — it’s a lot harder to get it back
Your advice/suggestion is excellent for younger people with good job skills. We will be in some Jimmy Carter inflation with the Oboz0’s a Trillion here and a trillion there bs.
I give this advise to my sons, nephews and nieces who are 30-40 somehting.
However, it will not help those of us on pensions, ss and trying to live on what is left in our IRAs and 401ks.