Welcome to a new week here on the Retirement Quick Tips podcast. I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing $340 million in client assets. I’m a Chartered Retirement Planning Counselor, and I started this podcast because I love helping people just like you gain clarity and make a plan for the retirement you envision. 

The theme this week on the podcast is: Save More or Pay Off Debt Before Retirement?

At the very beginning of 2020, I posted a YouTube video that asks the question: Should You Pay Off Your Mortgage Before Retirement?

Of the 100+ videos I’ve posted to my YouTube channel, this video has been the most watched by a landslide, with twice as many views as the next most-watched video. So this week, I decided to revisit this topic, since it’s clearly on the minds of many people who are getting close to retirement. 

I want to focus on mortgage debt specifically and why I think it’s so important to pay off your mortgage either before you retire or as soon as possible into your retirement years, even if that means saving less in your retirement accounts. I’ll also talk about why I think it’s a bad idea to pay off your mortgage in a lump sum, and why you’re better off paying it off gradually, even if it takes you another 10+ years. I’ll also talk about other debts that must be paid off before retirement, so you can live a more free retirement, unshackled from your debt.

I hope what I have to share with you this week will help you make smart and thoughtful decisions with your retirement. And while I am careful to not lead you astray, personal finance is not an exact science. There is no one-size-fits-all solution for everyone, so I encourage you to disregard anything I say that may not be helpful for you, and to consult your own financial, tax, and legal advisors regarding your own individual situation. 

That’s it for today. Thanks for listening! My name is Ashley Micciche...and this is the Retirement Quick Tips podcast.

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance