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How do I retire without a mortgage?

On this week's episode of the Wiser Roundtable podcast, the team discusses how to retire without a mortgage, and the benefits of doing so.

Listen on Apple Podcasts or watch on YouTube:


The team begins the podcast by discussing how to help people think differently about mortgages, and how to retire without one. Some people don't think about paying their mortgage off before retirement, or it isn't a priority to them. Over 40% of households age 65-74 have a mortgage on their primary home, and 27% of those 75 and older still have a mortgage. The number of people who still have a mortgage in retirement has significantly increased over the past several decades.

A lot of people don't think about cash flow in retirement until they are at the age to retire. If you have a mortgage in retirement, that affects your cash flow. When you are in the midst of a financial crisis or market downturn, you don't know how long it will take for things to get back to normal. Not having a mortgage payment during times like that can give you peace of mind. The Employee Benefit Research Institute does a lot of research on retirees. One of the things they found out in a recent survey was that people simply feel better in retirement when they can see their net worth continually growing.

The stock market won't always be like it is currently. It is important to have a conservative, proper plan to ensure cash flow until at least age 95. If you make small changes at the beginning of a 30 year savings stretch, that can be a difference in millions of dollars in savings. If you wait to save five years before retirement, it will be much more difficult to be prepared financially.

One way to retire without a mortgage is by not taking out a mortgage longer than your expected retirement age (see Dave Ramsey's mortgage payoff calculator here). Another way is to find a lower cost living, which would allow you to have greater financial freedom and live the lifestyle you desire in retirement. Lastly, if you want to stay in your current home, look at refinancing to a 30-year mortgage. Try to get the payment to be the lowest possible so it doesn't affect your cash flow as much going forward.


0:00 Introduction

3:43 Why Not to Have a Mortgage in Retirement

5:30 Importance of Cash Flow in Retirement

7:07 Peace of Mind in Retirement

13:57 How to Plan Financially for Retirement

19:12 Steps to Retire without a Mortgage

22:10 What if I can't Pay Off My Mortgage before I Retire?


Learn more about Casey Smith and connect with him on Twitter.

Learn more about Brad Lyons.

Learn more about Matthews Barnett.

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Learn more about the Wiser Wealth Management Roundtable podcast and access previous episodes.

Wiser Wealth Management, Inc. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.

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