Pay mortgage down or invest? : personalfinance

I have around $100k in savings and I’ve been putting off investing it because I really felt like the market was in a big bubble. I know I shouldn’t try to time the market but I’m 45yo and didn’t want to lose it. I also struggle with depression and anxiety, it can be debilitating but I have managed it pretty well over the past few years.

I recently moved $40k in to an account that my investor is managing. I think he’s going to buy some different stocks over the next six months. I don’t know, that’s what I pay him for.

I have a mortgage where I owe about $100k. It’s a 20 year loan at 3.5% interest rate. I’m about 14 months into it. I’m trying to decide if I should pay $40k towards the principle or invest it. Or should I refinance to 10 years at 2.3%? The refinance will cost around $4500 so it’s hard to say which is the better option? I also want to have at least 2 years worth of bills in case things go bad with the economy. That’s somewhere around $24k if I include things like utilities and insurance.

My goal is to have no debt when I’m 50 but it’s looking more like 55. I work in IT and ageism is a real concern. I want to be able to pay my bills and have some money left over, even if I’m a greeter at Costco.

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