Is Paying Off Your Mortgage Before Retirement a Good Idea?

Many feel they've reached a major goal when they pay off their mortgage. But it isn't always the best idea. Here's what to consider.

Graphic of a house with a giant dollar sign leaning on it
(Image credit: Getty Images)

 

In a recent conversation with a long-term client, Rush Griffith, a Schwab financial planner in Dallas, discussed a decision she was grappling with: paying off her mortgage or keeping her money in the stock market. Rather than watch her investments weather the ups and downs of the market, the soon-to-be retiree sold a significant portion of her stocks and paid off her roughly $135,000 mortgage. 

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Daniel Bortz
Contributing Writer, Kiplinger's Personal Finance

Daniel Bortz is a freelance writer based in Arlington, Va. His work has been published by The New York Times, The Washington Post, Consumer Reports, Newsweek, and Money magazine, among others.