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Some people make this decision intentionally, especially if their mortgage has a low interest rate.
Otherswish they couldve paid their mortgage off before retirement, but doing so wasnt financially feasible.
While many retirees also have other forms of income, carrying a mortgage can easily stretch a retirement budget.
Of course, this isnt the case for everyone.
Others may have planned to pay off their mortgage but faced unexpected expenses or financial setbacks, he said.
Regardless, carrying a mortgage into retirement can feel like a hefty burden.
He said his client had acomfortable retirement income, but that still didnt make things easy financially.
The ongoing mortgage payments create a significant monthly expense that limits their financial flexibility, he said.
Paying off a mortgage isnt for everyone, he said.
Some like to keep the lump sum cash in their account instead of in their house.
He said this may depend on when you purchased your home.
Despite this, in the future, he thinks more retirees will regret not paying their mortgages off.
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