Back in 2011, I decided I wouldn’t pay off my mortgage until I retired. I was still working in banking and had a strong amount of cash flow. I thought I was going to work for at least another five years. Then, in 2012, I retired by negotiating a severance package that provided for six years of living expenses.
What transpired was interesting. I ended up paying off one condo mortgage in 2015 and selling my primary residence in 2017, which ultimately paid off its $815,000 mortgage as well. In other words, I paid off two mortgages after I retired.
Today, my family and I live in a home we bought in mid-2020 with a mortgage. We are full-time parents and part-time writers. We just couldn’t pass up a new forever home once the pandemic began. So once again, we are on the mortgage pay down journey. However, it’s fine because we now have three fully paid off properties.
Let me share my reasoning from 2011 on why I didn’t want to pay off my mortgage until I retired. Back then, I was a 33-year-old Executive Director who was focused on career growth. However, I was also starting to burn out.