Tag: 401(k)

Smart Levers

Let’s say you’re 50 years-old and you have an extra $900 a month to work with. Should you use that money to pay down your mortgage or contribute it to your 401(k)? Assume you just refinanced your mortgage for $450,000 over 15 years at 3.5 percent interest— so you’re paying $3,217 a month. Also, assume you have $500,000 in your 401(k) account and you’re putting away $10,000 annually, which is growing at 7 percent.

Taxes Later Is Better Than Now

A wise sage once told me, “When the government owes you taxes, now is better than later. But, if you owe the government taxes, later is better than now.”

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