A recent article in the Globe and Mail by Robert McLister reports that almost 25 percent of baby boomers aren’t really that concerned about paying off their mortgage by the time they retire. The article says that, currently, about a quarter of Canadian homeowners continue to carry a mortgage into retirement – and that more than half expect that to be the case.

Mr. McLister points out the risks this attitude carries – including the chance that rising interest rates down the road may turn a manageable monthly expense into something that will quickly cut into the fixed, more modest income you’ll have in your retirement years.

While he suggests that for many, carrying a mortgage into retirement may not be that big a deal – if you are worried about being caught unprepared, you can take certain steps to avoid the risks.

These include working longer; getting a fixed rate mortgage with at least a five-year term; extending your amortization to 30 years; or starting to pay down your mortgage while you’re young. (Unfortunately, baby boomers who haven’t already taken the last bit of advice can’t really take it now.)

While this is all sound advice, Mr. McLister fails to point out another solution. By downsizing (or right sizing) or moving to a less expensive real estate market (or doing both), you can eliminate your mortgage and discover a more enjoyable lifestyle in which to enjoy your financially liberated retirement years.

We just thought we’d point that one out.