Budgeting and Financial Planning
Should You Pay Off Your Mortgage Before You Retire?
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September 18, 2023
Some 44% of homeowners ages 60 to 70 carry a mortgage with them into retirement, according to mortgage banker American Financing.
Is that a smart financial move? The decision of whether to pay off your mortgage before retirement should hinge on how much you've saved for retirement, your cash flow and how your investment accounts are performing.
Hello, I'm
Rodney Brooks
An award-winning journalist, writer and author and my specialty is retirement planning and other personal finance issues. I have written for many national publications, including USA TODAY, The Washington Post, U.S. News & World Report, AARP and National Geographic. I am available to speak on personal finance, financial literacy and the racial wealth gap.
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The author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.
