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How to deal with a mortgage in your 50s and 60s

By Jay Fitzgerald

 |  Globe Correspondent  

  November 06, 2011

It’s a challenge that faces many people in their 50s and early 60s: how to save as much money as possible for retirement while eliminating the largest monthly household expense - a mortgage payment. Financial advisers and specialists agree that it’s almost always beneficial for people to have paid off their mortgages around the time they retire. The rationale is simple: You don’t want a big monthly payment eating up large chunks of your savings fund after retirement.

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