should I use my pension to pay my mortgage off?

Kish1963

Hi,
I'm 60 and still have a mortgage, I am working full time and want to have the opportunity of changing job or reducing hours when it suits. My fixed rate comes to an end this coming summer, so I was thinking of using savings and my pension pot to pay off my mortgage. Is this a good idea? 

Sncjw

No because you are robbing yourself in the future if you use your pension. 

What will you live on in the future. 

How long is left on mortgage? 

TBagpuss

How much is left on the mortgage and how much would be left if you used your savings but not pension? 
Have you had a forecast of what you pension income is likely to be be with and without drawing down a lump sum? (I assume you are talking about using the tax free lump sum from your pension?) 

If you are planning to continue working for now it may be best to look at using savings to reduce the capital on the mortgage, but then continue to pay the mortgage done from earned income, then at the point that you actually want to cut your hours, review the options again.  I think generally speaking, delaying drawing on your pension (either to take a lump sum or income) is likely to be the best plan, and of course if you don't take a lump sum, or take asmaller lump sum, then you will be able to have higher income over all from the pension once you start to draw it

dark^knight

Agree with the above...raiding the pension pot is never advisable.

Is there any option to maybe downsize to become mortgage free?