Show Notes for this Episode:
Welcome to the first official Q&A episode of the Retirement Money Gal Podcast! I’m excited to be able to take questions from listeners and will be doing one Q&A episode per month. I’ll also share questions I receive from my clients at Sammons Wealth.
In this episode I answer the question, should you pay off your mortgage if you’re within 5 to 15 years from retirement.
With interest rates at an all-time low, that means you aren’t earning anything on your cash. Does it make sense to retire the debt of what is most likely your biggest monthly financial bill?
It definitely helps to know when you’re planning to retire and how you plan to spend your retirement. I shared my thoughts about having a vision for your retirement why women in midlife should reframe their thinking about retirement.
The reality is, there are multiple things to consider when evaluating whether or not it makes sense to pay off your mortgage when you are moving toward retirement.
What you will learn in this episode:
- Financial reasons to consider paying off your mortgage
- Non-financial reasons to consider paying off your mortgage
- The opportunity costs of paying off your mortgage
- Alternatives to paying off your mortgage all at once
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