Should I Pay Off My Mortgage When I Retire?

The answer for you depends on your interest rates and where you would pull the money from to do it. Here are some scenarios to help work it out.

An older couple happily embrace in front of their house.
(Image credit: Getty Images)

It’s a Tuesday afternoon, and you tune in to The Ramsey Show as you sit in gridlocked traffic. Dave Ramsey is going on about the best ways to pay down debt and why it’s imperative to be debt-free. You have two things working in your favor: (1) You have the money to do just that, and (2) you have to commute in rush-hour traffic for only a few weeks longer, as you will retire at the end of the month.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Evan T. Beach, CFP®, AWMA®
President, Exit 59 Advisory

After graduating from the University of Delaware and Georgetown University, I pursued a career in financial planning. At age 26, I earned my CERTIFIED FINANCIAL PLANNER™ certification.  I also hold the IRS Enrolled Agent license, which allows for a unique approach to planning that can be beneficial to retirees and those selling their businesses, who are eager to minimize lifetime taxes and maximize income.