Upon retirement, is it better to pay off my mortgage. & equity loan or continue with payments.?

I live in Charlotte, NC, and plan to retire July 31, 2009. I will be 66 yrs old. I plan on paying off my mortgage & equity loan to have more money available. Both loans equal $ 1125.00 per month. Is this a good idea, or should I invest that money along with the other monies I will have at that time. Total money would be $ 460,000.00.

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