This one expense has its own way of derailing a person’s retirement plan: mortgage debt.

Most financial advisors often tell clients to settle their mortgage payment before they hit the golden years. But not everyone has the means to do so. Some of them end up repaying the loan even after retiring. A Consumer Financial Protection Bureau data showed 6.1 million homeowners age 65 and above still owe a mortgage in 2011.

Failure to settle your mortgage can compound problems in the future. Good thing we can do something about it. A person can start off with bolstering the pace of paying off a mortgage while he is still working to clear oneself from it before hitting the golden years and lower interest rates. It can be done by designing a payment scheme that is budget-friendly. Advisors suggest repaying this debt as soon as possible. Although it entails some sacrifice in the short term, it can benefit you and your finances in the long run.

You may also want to pay it off every two weeks, instead of every month. Consider refinancing the mortgage for a shorter time period or at a more reasonable rate. Or selling your house and moving into a smaller abode with a lower mortgage.

Perspective on debt varies from generation to generation. For instance, some Baby Boomers love putting themselves right back into debt until they have built or purchased their dream house or reached their golden years. People who experienced the impacts of the Great Depression would repay all their debts or attempt to avoid it at all costs.

In case incurring debt becomes inevitable, advisors recommend having fewer payments in this life stage. It also pays to create and stick to a budget to cut unnecessary expenses and determine how to settle liabilities. One can also get a certain amount of money from the retirement nest egg to quicken the pace of repaying a mortgage. Delaying retirement is another option just to ensure mortgage won’t dent the retirement fund. Remember the very objective of retiring is to stop working for good and secure financial stability in your golden years.