More ways to cut food bill
E-mail announces national prize for newsletter

It’s best to pay off your mortgage before retirement

Michelle Singletary, financial writer and advisor, was shocked about a survey that found boomers aren’t in a rush to pay off their mortgages before retirement.

Singletary was taught and she thinks it makes good sense to get that major expense out of the way before retirement income drops.

In her article, “Don't Drag That Mortgage With You Into Old Age,” which appeared in The Washington Post, she quoted Jim Bell, founder and president of Bell Investment Advisors, about the company's survey:

Contrary to conventional wisdom, mortgages can actually be a wealth-building tool for boomers throughout their retirement years. In addition to their tax benefits, mortgages help free up funds that otherwise would be tied up in property ownership for investment in equities.

The finding was part of the third annual "Affluent Boomers at 60" survey conducted by the firm.

I agree with Singletary. If at all possible, get your mortgage paid off before you retire. It will help you meet expenses as costs continue to rise…and rise.

Visualize having a big party to celebrate really owning your own home. Invite everyone you know. It will be a great day for you and your family.

Copyright 2008, Rita R. Robison, Consumer Specialist

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been posted. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Your Information

(Name and email address are required. Email address will not be displayed with the comment.)