For many people, their goal is to pay off their mortgage so that they can continue to live in their home without any more mortgage payments to make after retirement. This is certainly a good financial decision, but with a bit more planning, it could be made even better. Consider downsizing going into retirement. You may even be able to sell your home and purchase a smaller, cheaper home without a mortgage at all.
That’s not the only way smaller homes are cheaper. Insurance and tax payments would also be lower. Smaller space generally means less utility usage. A smaller home probably won’t have a pool to maintain and may not have much lawn or garden space to take care of. Money isn’t the only thing you’ll save, either; you’ll also spend less time cleaning and maintaining your home. With the time and money you’ll save, you’ll also have the opportunity to take more vacations and relax even further.