As retirement gets closer, treating debt management as “Phase One” of your plan can make everything else feel lighter. Start by listing every balance—mortgage, car loans, credit cards, personal loans—and ranking them by interest rate and payment size. Then, focus on wiping out the high-interest stuff first (usually credit cards and personal loans), since those are the real budget killers, while keeping all accounts current so your credit stays in good shape.

For the mortgage, the key question is whether the payment will feel comfortable on your retirement income, not just whether the balance hits zero by your retirement date. Some people choose to make extra principal payments while they are still working, others aim to refinance into a more predictable, manageable payment, and some are perfectly fine carrying a modest, low-rate mortgage into retirement because it keeps more cash available. The right move depends on your income, tax situation, and how much you value peace of mind versus flexibility.

Any time the conversation drifts from “how to pay debt down” into “where to invest,” that is the moment to check with your trusted investment advisor. They can help you weigh questions like: should extra dollars go toward the mortgage or into retirement accounts, and how do your debt-paydown choices fit with your overall investment mix and risk level. Keeping that advisor in the loop means your debt strategy and your investment strategy play nicely together instead of pulling in opposite directions.