Eenie, meenie, miney, moe -- where should my cash savings go? That's the riddle many Americans are trying to figure out these days. After the necessities are taken care of, it's time to choose: mattress, stock market or mortgage? Do the math and the answer is clear.
Paul, 62, is like a lot of people near retirement: He wants a safe place to invest his money. But the interest rates on savings accounts barely keep up with inflation. Would it make sense to pay off a mortgage instead? DailyFinance's Laura Rowley reports.
Nicholas, 60, is a paralegal who has been jobless for more than a year, and is worried about the possibility of losing his home in rural Pennsylvania. If he depletes his savings and cashes out of a life insurance policy, he can pay off his mortgage. But is that the smartest move?