[Boomer]

To pay off the mortgage or not to pay off the mortgage, that is the question. - one of them at least.

I would not carry a mortgage into retirement unless I had an absolutely dependable source of income to cover those monthly payments as long as needed or enough cash on hand to pay off the mortgage if I decided to do so. Some mortgages have pre-payment penalties.

Property taxes and insurance are bound to go up. At least a fixed rate mortgage would be a known. But where is the known that will generate the payment or the payoff? And if you do have that known for now, how well will it hold up as other overall living expenses increase? That is the real question.

Ask yourself how much risk you would be willing to put on the roof that is over your head. Decide if you have to bet the house and how you feel about that. Our generation is used to our real estate taking care of us. Now, not so much.

And I agree that this economy is like nothing we have ever seen.

The financial picture in retirement is more complex than at any other time. Sometimes you can simplify financial decisions a little by asking yourself, "Just what is the cost of sleep?"

For those who are interested in reading about retirement finance, I recommend "Kiplinger's Retirement Report." A year's subscription costs $39.95 but it will save you that much money, to say the least. This is not the Kiplinger magazine from the newsstand. This is a different format and every article is about retirement.

I am a big believer in learning as much as you can before making financial decisions, especially at this point in life.

Russ_Boston's response earlier in the thread said that it was just his two cents worth. But I think his advice is worth far more than two cents. I agree with him that we have to listen and learn but be careful with advice, even if that advice is from someone who claims to be professional.