Too complex of a subject to answer on a forum since you really need to understand the context of the decision. For example, if you have any high priced debt such as credit cards then pay those off before investing. If not high interest debt then perhaps think about paying off low interest debt such a mortgage. If zero debt then you look at retirement assets vs retirement requirements and then you look at the portfolio of retirement assets. Social Security is an inflation protected annuity so most people don't need more annuities but it all depends.