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But what if youreheaded into retirementwith a mortgage?
If you are, youre certainly not alone.
Heres what they said below.
Also, check out some of theperks of paying off your mortgage early.
The short answer is it depends,' she said.
The Ideal Scenario
Ideally, according to ONeill, retirees should enter retirement mortgage-free.
This provides breathing room to pay remaining expenses, particularly if income is reduced from pre-retirement years.
However, she acknowledged that this isnt always the reality.
ONeill suggested creating a projected budget:
People contemplating retirement need to know if they have enough.
She recommended considering two scenarios: one with a mortgage payment and one without.
For his clients, he looked at what the current interest rate is.
Saccaro said, Its always a great goal to enter retirement without a mortgage.
Doing so reduces your income requirements and could even lower your taxes.
Just ensure youre at least cash-flow positive.
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