23. Retirees Might Still Be Paying Mortgages
As a general rule, it’s best to not go into retirement with any kind of debt. But while some seniors are able to get rid of student loans or credit card debts before their golden years, it seems that a significant percentage of them will still have mortgage payments.
The Survey of Consumer Finance found that 35% of people aged 65 to 74 are still paying off their mortgage, and by the time they reach 75, only one in four have remaining mortgage payments.
It’s why some financial advisors say that downsizing before retirement is a good idea. That way, you can cut down costs and have a chunk of money left over to settle all your debt.
