Experts suggest that a mortgage could be a crucial element of a successful retirement plan.

Planning for retirement is a top priority for many working adults, with 53% of Americans feeling behind on their retirement planning, according to a 2024 CNBC survey with SurveyMonkey.

You might be neglecting a valuable asset you're currently investing in: your home.

"According to Jason Stein, a certified financial planner and founder of Bluepoint Wealth Advisors, individuals tend to focus on the money they see in their bank accounts, brokerage accounts, and 401(k)s, rather than the money that accumulates in their homes."

Financial experts suggest treating your mortgage as a component of your retirement savings rather than an expense.

Debt that pays it forward

Instead of viewing mortgage payments as a burden, they can be considered healthy debt, according to Winnie Sun, a CFP and co-founder of Sun Group Wealth Partners.

"Sun explains that there are two types of debt: unhealthy debt, such as credit cards, and healthy debt, like student loans and mortgages."

Certain types of debt, such as those used for education or shelter, can be considered healthy because they help fulfill a need. These types of debt typically come with consistent, predictable payments at a fixed rate.

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Stein suggests that your mortgage payment can be divided into two components: interest and principal. Only the interest portion of the payment is considered an expense, while the principal amount can be recovered if you sell your home.

When you sell your home after paying off your mortgage, you may recover some of the value of your mortgage payments, even though there are transaction costs involved.

'It's almost like forced savings'

Your home serves both as a current necessity for shelter and a long-term investment for savings, according to Sun. With a fixed-rate mortgage, you pay a consistent, predetermined amount each month, in contrast to rent, which may fluctuate.

""Although it's not an investment property, using it for shelter still benefits you because you're paying your own mortgage and have the potential for asset growth over time," Sun explains."

As your property value increases, the possibility of selling your home in retirement becomes more feasible, allowing you to incorporate that cash into your retirement plan and alleviate concerns about not saving enough.

Managing routine contributions to retirement accounts, such as a 401(k), is similar to the task of managing routine contributions to your retirement accounts.

Stein explains that by paying off a loan balance on a house that may appreciate in value, you are actually saving more than you realize, as the balance can be recovered through the sale of the house in the future.

Selling your house could be a viable option to supplement your retirement cash flow, as it may not be sufficient to cover your desired lifestyle with only retirement account withdrawals and Social Security benefits, according to Stein.

"This is where a lot of conversations take place." he says. "What are some things we should consider?"

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