A significant portion of older Americans entering retirement still have mortgage debt, with the percentage rising from 24% to 41% over thirty years. In 2022, about 79% of older Americans were homeowners, and nearly 40% of U.S. homes were mortgage-free. This indicates that more than 34 million homeowners have eliminated their mortgage debt. Owning a home without a mortgage can allow retirees to live on smaller incomes more comfortably. Paying extra on the principal can help in paying down mortgages more quickly, enabling a debt-free retirement life.
More Americans aging into retirement are still paying down mortgages. Over the past three decades, the share of homeowners ages 65 to 79 with a mortgage rose from 24% to 41%.
More older adults are entering retirement in debt, including mortgage debt.
Maybe you can't save up and invest enough money to have a million dollars for your retirement. Maybe you can limp along with less if you can retire debt-free.
Owning a home free and clear in retirement might make it easier to stretch that Social Security check a little further.
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