I’m 77. Despite my $1.4 million wealth, my expenses exceed my income. Do I sell stocks to pay off my mortgage?

Dear Quentin,

I had a career as an economist and financial analyst in the commercial banking area. I retired at the age of 70, and then I started my own tax-preparation and representation firm because I enjoy working with people and helping them resolve their challenging tax issues. My annual revenue is approximately $60,000 before taxes. I’m now 77. I have approximately $565,000 in an IRA, $250,000 in a Roth IRA, $435,000 in a brokerage account, and $189,000 in a 4.3% high-yield savings account. 

I also have a $310,000 mortgage balance with 10 years remaining on a 15-year, 3% mortgage. The PITI payment plus HOA fees are about $3,750. I receive $4,400 from Social Security and a small retirement payment, which together make a monthly income of $5,000, excluding the interest from my monthly savings account. When I add all the other expenses like medical, food, utilities, gasoline, insurance and the like, my monthly income doesn’t cover them. So, I rely on what my business generates to fill the gaps.