“So many people reach retirement and still have a mortgage,” Jenkin said. “Having any kind of serious mortgage in retirement really cripples your ability to do other fun stuff.”
Then, turn to your retirement savings. Increase your contributions to your 401(k) plan, particularly if you haven’t reached the maximum amount toward your company match. Also, consider starting a Roth IRA, which is funded with after-tax funds.
Finally, use the money to boost your skill set, Jenkin suggested, such as online courses from sites like Udemy or MasterClass. Those additional skills can make you a more valuable — and ultimately a higher paid — employee.