From Dow Jones & Company:



A 64-year-old about to retire with debts of $165,000 on their house and retirement savings of close to $850,000 asked whether it makes sense to pay off the mortgage at the time of retirement. The answer is that it depends on their personal situation. They are advised to list all their anticipated expenses in retirement, add a cushion, and compare it to their income. Including the mortgage payment in the list and whether paying it off ahead of time will require them to continue working longer should also be considered. It’s not advisable to tap into retirement savings to pay off the mortgage, but paying it off over time and even adding extra to the principal can provide “bonus” money in retirement. However, if the idea of having the mortgage going into retirement is stressful, it’s best to seek the help of a qualified financial planner. If the reader has further suggestions or questions about their retirement savings, they’re encouraged to email [email protected].



Original: I’m 64, make $1,500 a month driving Uber and get almost $5,000 a month in pensions and Social Security — should I pay off my mortgage before I retire?