Retirement Planning Tip: Pay Off Your Mortgage Early

Set a goal to have your house paid off by the time you retire.

One of the biggest line items in our monthly budgets is rent/mortgage. To reduce your financial need during retirement, set a goal to have a home paid for by the time you retire. This will provide you with several options.

• Live in the home and leave it to your heirs upon death

• Sell the property and use the proceeds to purchase something smaller or in another area

• Sell the property and use the proceeds as retirement income

There are tax implications to each strategy, however, having a substantial asset during retirement can help to offset the amount of capital you will need to have saved/invested.