Mortgage and Retirement Move: Opinions Wanted
I have looked through the wiki and previous posts. If this has been discussed at all, I haven't found it.
I am about two to five years away from retiring. I'm single; my children are financially-independent adults. Got just over $850K in retirement investments; a pension will bring in about $850/mo. I won't start taking Social Security until I'm retired or reach 70, whichever comes later. Only significant debt is my mortgage, at about $62K left, to be fully paid-off in 2039 per the amortization table. Good credit history. In the two to five year window noted above, I plan to sell this house for between $300K and $450K in a large Midwestern metro area, move to another state, and buy or build a smaller home in a lower COL area.
My primary questions are about the mortgage. I pay about $1,400 per month. With an income of about $4,200 per month, that's manageable with my other bills. What are the advantages and disadvantages of my paying down additional mortgage principal now? And at what rate?
Since I'm throwing this info out anyway, I'd be interested in any other related counsel you may share. Sometimes the ancillary feedback is more useful than the primary!