During retirement, the goal is to just relax and enjoy yourself. Enjoy your home, your family, your hobbies. Read, travel; do anything with all the free time you have. It’s not supposed to be stressful; you shouldn’t have to worry about financial woes anymore. Unfortunately, that is just an ideal. Many retired Americans today still have to worry about paying the bills, now with only social security checks and pensions. Due to the limited, fixed income that you have when you’re retired, things will be much easier if you already own your home. That’s right; it should be your goal to pay off your mortgage before you retire. Check out this post by Lance Cothern at Money Manifesto for tips on making the dream a reality:
-When you buy your first home, don’t take out a mortgage that is longer than the amount of time you have before you retire.
-Always make more than the minimum payment
–In order to retire without a mortgage, any mortgages you take out after your very first mortgage should be the same length or shorter than the number of years you have left on your current mortgage.
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