By Daniel Bortz
From Kiplinger’s Personal Finance
Many people strive to pay off their mortgage before they retire. But that isn’t always the best financial move.
“Having fewer bills to pay in retirement makes your retirement savings go further and your mortgage payment is typically your biggest monthly expense,” says David Edmisten, founder of Next Phase Financial Planning in Prescott, Arizona. “However, there are other aspects pre-retirees need to consider before they use a large amount of their savings to pay off their home loan.”
Here are scenarios in which it does and doesn’t make sense pay off your mortgage before you retire:…