Mortgage payment is probably one of the debts that most Americans are burdened with even when they reach their retirement years.
Financial advisor Winnie Sun advises to “focus on paying it down” as there are a lot of benefits in doing this.
Sun, the founder of Sun Group Wealth Partners, explained that when you reach the retirement age, the fewer payments you have to make, the more money you will have in your retirement. Most people will live on a fixed income once they are done with their working years. It only makes sense that the fewer bills you have, the better.
She recommends “upping your payment just ever so slightly, however much you can afford.”
A recent study shows that the mean value of mortgage debt amongst Americans age 56 and 61 is $73,923. This is a huge leap from the $27,493 back in 1992.
While slowly chipping away at your mortgage payment, you should always keep in mind other important things like your retirement savings.