About Retirement Planning: Home Is Where the Retirement Is

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Retirement Planning Retirement Planning Quick Start How to Save Retiring From Melissa Phipps, your Guide to Retirement Planning People always say real estate is a good investment. It can be, but your home is different. It's where you live, so it's hard to think of it as just another asset. But if you are a homeowner who pays your mortgage like clockwork, you have more than a nest, you have a next egg. Understand Reverse Mortgages Some people downsize in retirement to save money on housing, others can't bear to leave their homes. So keep the house but pull out the equity. Find out, in simple terms, how reverse mortgages work. How Paying Your Mortgage is Like Saving for Retirement To qualify for a reverse mortgage, you must have paid off or nearly paid off your mortgage. If you've done that, you're way ahead of the game anyway. Paying down your mortgage can be thought of us putting money into a real estate investment fund. See More About:  retirement accounts  social security  mortgages To Pay It Off or Not? So if you aren't considering a reverse mortgage, is paying off your mortgage a good idea? The answer isn't necessarily obvious. And it depends on how much you need the other benefits of a mortgage. Here are some questions you should ask yourself before paying off your house note. See More About:  mortgages  retirement planning  debt management Should You Have a Mortgage in Retirement? The problem with having a mortgage in retirement is it can be costly. Professionals generally recommend that if you can afford it, ending a mortgage loan early can be a boon for your expenses in retirement. But you also lose a significant tax benefit--being able to deduct mortgage interest from your income taxes. See More About:  in retirement  mortgages  retirement planning in your sixties Retirement Planning Ads 401K Retirement Plan Ira Retirement Plans Ira Retirement Plan Planning Retirement Retirement Plans Featured Articles Self-Employed Retirement Plans Already In Retirement Glossary of Retirement Planning Terms How to Begin Saving For Retirement Individual Retirement Accounts (IRAs) 401K Plans   More from About.com Bake Sale Bestsellers Make your next bake sale a profitable one with these irresistible recipes. More> Real Recipes app Download our highly-rated app for free recipes and kitchen tools, for iPhone and iPod Touch. More> This newsletter is written by: Melissa Phipps Retirement Planning Guide Email Me | My Blog | My Forum   Sign up for more free newsletters on your favorite topics You are receiving this newsletter because you subscribed to the About.com Retirement Planning newsletter. If you wish to change your email address or unsubscribe, please click here. About.com respects your privacy: Our Privacy Policy Contact Information: 249 West 17th Street New York, NY, 10011 © 2012 About.com   Must Reads Make Sense of Retirement Accounts Roth IRA Contribution Limits 2012 What To Do With Those Old 401(k)s IRA Contribution Limits 2012 Before You Take a 401(k) Loan Advertisement