Retirement planning often includes the goal of eliminating mortgage payments before leaving the workforce behind. This approach is based on the idea that it’s easier to make ends meet in retirement by reducing expenses and not having to deal with a mortgage while on a fixed income.
But is eliminating your mortgage always the best approach? Some experts suggest there may be downsides to using significant financial resources to pay off a home loan. What’s more, there may actually be benefits to bringing a mortgage into retirement—including using the interest payments as a deduction on your annual tax bill.
