3 Reasons To Pay Off Every Penny Before Retirement

It is important to pay off every penny before you retire. Once you do retire, you are going to need all of the money in your retirement and savings accounts. These are the top 3 reasons you should pay all everything before you retire.

1. Paying Off Mortgage Debt

Housing is our biggest debt, especially among seniors. If you are able to pay off your mortgage before you retire, it is going to save you a lot of money. A mortgage is a person's largest debt and by paying if off, you are going to be saving a lot of money once you are in retirement and can use the money down the line when it is needed.

2. You Will Never Pay off Credit Cards with Minimum Payments

If you are just making minimum payments on your credit cards, it is going to take you a very long time to pay them off. It may be worth working just a couple extra years before you retire to pay off these debts, so you will have the money to enjoy your retirement.

3. Medical Bills

You are likely going to rack up some medical bills once your retire. It is best to have money saved aside for these medical bills, so it is best to try your best to pay off all of your debts before you retire.