The answer will depend on a number of factors, such as:
What are your retirement plans and what will your retirement spending needs be? Do your retirement spending projections already include an ongoing mortgage payment?
Do you already have sufficient resources (retirement accounts, future Social Security, investment assets, etc) to cover your anticipated retirement spending or will you by the time you retire in 4 years?
When you say "investing in a mutual fund," do you mean above-and-beyond retirement plan contributions you're already making? Or is the question really "pay extra on mortgage vs. make retirement plan contributions?"
How much do you owe on your mortgage, what's the interest rate, and how many years do you have left on it?
How does your mortgage interest rate compare (after-tax) with average annual returns you might realistically earn in the years ahead on the fund investment (after-tax)? (Note that financial assets are quite overpriced right now, so you'd be starting from a high watermark.)
Do you plan to age-in-place in your current home or, like many other retirees, might you consider selling your home and downsizing?
Is it more important to you to have the peace of mind of paying off all debts regardless of what might "the math" might suggest you do? For a lot of folks, it's hard to put a price tag on the psychological benefits of having no debt.
With 4 years to planned retirement, you're a perfect candidate to start planning your retirement transition and run some projections on the best course of action. I'd encourage you to hire a good fee-only financial planner who specializes in retirement planning and issues to help with this. I hope that helps. Feel free to reach out with any questions.
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