Paying off the mortgage after 30 years, followed by retirement, used to be a rite of passage for many. This scenario is no longer the norm: baby boomers, Americans born between 1946 and 1965, are.

At first thought, it doesn’t seem like a bad idea. You pay off the mortgage early and have more money to devote to retirement investing once you own your home free and clear. But that idea ignores the most important fact about investing: the longer you invest, the more your money can grow.

How Much Savings Should I Have Accumulated By Age?. I started saving 50% of my after tax income when I began earning more than $60,000, so please, save your excuses for the government instead.. Since retiring in 2012, I no longer am in the top tax bracket. I can now pay down my mortgage and happily pay a marginal tax rate 10% lower on.

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Here are some other options for paying extra on your mortgage and how those extra payments affect, as an example, a $220,000, 30-year mortgage with a 4% interest rate: 1. Make an Extra House Payment Each Quarter. You’ll pay your mortgage off 11 years early, and you’ll save more than $65,000 in interest. 2. Bring your Lunch into Work

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Your housing expenses and retirement contributions are among your most important expenses each month, so it can be hard to decide which to increase when you have more disposable income. Money isn’t the only factor and there isn’t a single right answer to choosing to pay down the mortgage or put more money toward your 401(k).

Learn if you should pay off your mortgage before you get serious about retirement saving. Learn if owning your house in the clear helps put your financial house in order for retirement.

Save for Retirement Now or Payoff Your Mortgage First? Advantages: By building retirement savings early, you’re not only maximizing the time value of money but you’re getting the advantage of tax deferral in the process. The bigger the pile accumulated early, the less you’ll need to commit as you get closer to retirement – the hard work.

Lower-interest types of debt such as a mortgage. If you focus on paying off less-expensive debts before saving for retirement, it’s only going to be more difficult to catch up on your savings down.