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Jane Young: Should you strive to be mortgage free in retirement? | Business

Transitioning into retirement without a mortgage can reduce stress, improve cash flow and increase your sense of financial security.

But while everyone would love to be debt-free, there are many factors to be considered before making extra payments or pulling from your savings to pay off your mortgage.

You need to maintain adequate liquidity to cover living expenses, an emergency fund of at least four months of expenses and major planned expenditures such as new vehicles, home improvements and tuition for your children. Once you make the extra mortgage payments, you will lose access to those funds without refinancing or taking out a home equity loan.

If you have other high interest debts on credit cards, vehicle loans or student loans, you should pay those before making extra payments on your mortgage.

If you have the funds to make extra payments, how would you spend the money otherwise? Would you

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