Pay Off Your Mortgage Before You Retire? Probably Wise Unless You Got the Cashflow

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Pay Off Your Mortgage Before You Retire? Probably Wise Unless You Got the Cashflow

Oct, 2nd 2016

By now it should be well established that financial planners don't like you to carry debt into retirement.

But in this day and age, more retiring couples than ever are entering retirement with debt. The biggest culprit -- mortgage debt. Those memories of our parents and grandparents and the mortgage-burning parties are now distant and fading

The Consumer Financial Protection bureau says the number of homeowners 65 and older with mortgages increased from 22% in 2001 to 30% in 2011, the last year for which data is available. For homeowners 75 and older, the numbers more than doubled, from 8.4% to 21.2%.

When it comes to debt, financial planners say the lower the better. But when it comes to mortgages, they say it depends.

"For some people, we recommend that...

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