question
Q: There are two of us - with a $280k mortgage, and plenty of equity (no other investments).
A. 63yo with let's say $150k super and "retired"(but no pension). It's so low due to being in and out of a very fickle workforce (and recent (successful) cancer surgery), the life insurance component ate it up - thanks AMP...
B. 53yo (me) with great income and massive super (great employer, permanent role) and obviously some ways to go before retirement (and a $70k windfall pending but goodness knows when - never bank on it).
The question is - would it be beneficial in the long term to withdraw some of A's super (tax free) to reduce the home loan?
With B's income there is plenty of scope to either keep paying the higher mortgage payments for an early payout OR pay lower payments and more into super - need to reduce the pressure on A whose age is and issue getting back into this particular workforce (although we could never prove that). Or possibly gives us more disposable income to enjoy precious life a bit more.
As we age there is always the option of downsizing too - would leave us well in profit. So I am comfie that we will be OK in retirement. But is it a savvy financial decision??
