When Retirees Should Not Pay Off Their Mortgages

Many homeowners dream of hosting a “mortgage-burning” party as they approach retirement. But paying off the mortgage isn’t always the best strategy. Sometimes, it’s better to keep that money in the bank for other purposes, such as building retirement savings or paying down higher-interest debt. In other cases, paying off a mortgage makes sense, especially when you have ample retirement savings and plan to stay in the home for a while. The analysis depends on the terms of your mortgage, the amount of your savings, and your...