I am seriously kicking around the thought of skimming a little off of the top of a 401(k) plan to use to pay off my mortgage... and freeing up that much of my paycheck every month. Basically, $29,000 would pay off my house.
I don't *need* this 401(k) for retirement, I will have a full pension from where I work now. This 401(k) was from my first two jobs, early in my career. I have it invested with Vanguard, and literally play around with it.
The 401(k) has literally doubled in the past two years.... and how much of that gain could be lost in one market correction? Instead of it disappearing in a market correction, I could pay off my house and still literally have something to show for it, as the money that I pull out of the 401(k) to pay off my house will still be making money, as my home continues to increase in value as well.
Of course, the other side of this is the loss of that $29,000 investment over time... for the next 15 years.
I don't *need* this 401(k) for retirement, I will have a full pension from where I work now. This 401(k) was from my first two jobs, early in my career. I have it invested with Vanguard, and literally play around with it.
The 401(k) has literally doubled in the past two years.... and how much of that gain could be lost in one market correction? Instead of it disappearing in a market correction, I could pay off my house and still literally have something to show for it, as the money that I pull out of the 401(k) to pay off my house will still be making money, as my home continues to increase in value as well.
Of course, the other side of this is the loss of that $29,000 investment over time... for the next 15 years.