Mortgage savings vrs retirement savings.

[ZoeHillo]

ok. so ... I know I am simply over thinking this.. but I thought I would ask the hive mind...

my husband job is stable. he has a rrsp. that we put money toward monthly.
we also have a tfsa for me.

and a mortgage that has 11.5 yrs left.


we have a bit of room in the rrsp that we could then max that a bit. or we could put the amount to the mortgage an pay it off..
however it would really only take 1 year off...


so .. should we put the extra to retirement... and enjoy the power of compound interest... or try and be mortgage free sooner....

[AmeliaBailey]

Oh, I understand what you're saying.

[BrandoWilson]

It would be better to pay off the mortgage and get rid of it. Yes, the mortgage helps you a lot to buy a house, but it's a hassle after that. I also got a mortgage from Mortgage Advice Leeds (https://leedsmoneyman.com). I will never regret that I took a mortgage, namely from them, because they offered me a lot of help, but now it is a bit complicated for me to pay it. I also need money for other things because I have already reached the age of over 60, but anyway, I decided to continue to pay the mortgage to get rid of it as soon as possible. I recommend you do the same.