In Paying Off Mortgage before Retirement the Best Option? There is no ‘Ideal’ Answer

In Paying Off Mortgage before Retirement the Best Option? There is no ‘Ideal’ Answer

Time and again, surveys have indicated that more people in the United States worry about running out of money after retirement.

According to a survey conducted by Wells Fargo-Gallup greater than a third of retired US investors and about half of those who are yet to retire said they worry about running out of money and being forced to live Social Security as the key source of income. One might think, the idea will push people to save more but most of them do not even know how much savings are enough for their retirement days for a comfortable living.

There are ways to find out how to save best and how much to keep for post retirement days by asking financial planners.

One frequently asked question in the U. S is should one pay off mortgage before retirement? There is no definite suitable answer as it depends on the situation.

According to the Consumer Financial Protection Bureau, countrywide, the percentage of homeowners who are at the age of 65 or more with mortgage debt took a big leap in one decade, from 2001's twenty two percent to thirty percent in 2011.

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