Fearful of the future, couple consider paying off mortgage

DEAR HARRY: We need some of your down-to-earth, practical advice. My wife and I have excellent jobs and no responsibility for children. We have maxed-out our 401(k) contributions. We also have about $80,000 in a number of stocks that we have built up over the years. And we have done all this while maintaining a nice style of living. As an example, we each have a fully paid-for 2014 Buick. With all of the problems with Greece and now Puerto Rico, does it make sense to pay off our $60,000 mortgage? We know we'd lose our tax deduction, and the market does better than our 4 percent mortgage, but the horizon is looking cloudy. What say you, old friend?

WHAT HARRY SAYS: Situations like yours have a huge emotional involvement. We know people who have never had debt. They were raised in homes where poverty was a big part of their lives, so they were always fearful of it coming back. They always seemed to have only one car, and that was a bottom-of-the-line one. You didn't give me your ages, so I will assume you're not ready for retirement. Keep the mortgage, and keep up the same solid financial style.

Email Harry Gross at harrygrossDN@gmail.com, or

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