Should I pay off my mortgage before retiring?
Deciding whether to pay off your mortgage before entering retirement involves balancing the psychological peace of mind of being completely debt-free against the mathematical opportunity cost of foregone investment returns. Eliminating your monthly housing payment dramatically lowers your fixed living expenses and required retirement income withdrawal rate, reducing financial stress. Conversely, if your mortgage carries a low, fixed interest rate and you can earn higher returns by investing surplus capital in diversified equities or high-yield fixed-income instruments, keeping the mortgage may be financially advantageous.
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