How to deal with this retirement budget-buster

What’s the biggest spending item for retirees? You’re likely to say that would be medical expenses. But the average retiree actually spends more on housing. And the largest housing expense is usually the monthly mortgage payment.

Prior generations of retirees celebrated making their last mortgage payment, with some going so far as to burn their mortgage paperwork. However, compared to earlier generations, today’s retirees are more likely to still have mortgage debt.

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