To Pay Off, or NotTo Pay Off…That is The Question!

For those people approaching retirement, you might be grappling with the question of whether it is wise to pay off your mortgage (if you have a mortgage on your current home). Our friends at Squared Away blog (Center for Retirement Research at Boston College-CRR) have an excellent article outlining the pros and cons.

Like many things in this world, the answer to whether to pay off your mortgage or not is…It Depends! It is often a matter of “head versus heart”. I know in my own family, my grandparents had the long- dreamed- of “mortgage burning party” to celebrate the end of their mortgage obligations.  However, “Financial planner Diahann Lassus views as misguided the “obsession” some baby boomers have with paying off their mortgage before they retire.” (Read her analysis in the Squared Away article)

Squared Away had input from both a financial planner and an economist with the question and the analysis is insightful.

From the article, “There are few problems in life that aren’t mitigated by having a lot of money,” says Anthony Webb, CRR senior economist.

You can access the CRR website and article by following the link

http://squaredawayblog.bc.edu/squared-away/mortgage-payoff-freedom-vs-the-math/

Title of the article is: Mortgage Payoff? Freedom vs the Math, posted November 12, 2015

You can also subscribe to the Squared Away blog from their website. It is free.

“Working To Preserve Your Wealth and Protect Your Future…in a Constantly Changing World”

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About Attorney Barbara Ann Dalvano

Attorney in Denver, Colorado with extensive practice experience in the areas of Estate Planning, Wills and Trusts, Business Succession Planning, Probate, Contract Law.

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