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Should you pay off your mortgage or save for retirement?
How many couples near retirement face the decision of whether they should pay off their mortgage or save for retirement? But, Liz Weston, leading financial expert, says “The older you get, the harder it is to make up for lost time with retirement savings.” She continues to say although tempting to paying off a mortgage over saving for retirement but “Someone in their 50s would need to save nearly half of their income to equal what could have been accumulated had someone started putting 10 percent income away in their 20s.” In Chris Clow’s article for Reverse Mortgage Daily, he reports on what Liz suggests on ways to catch up on your retirement savings. Read Mr. Clow’s article here…
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