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Q: Our mortgage is up for renewal in a couple of months. Should we opt to pay down our mortgage faster or save for retirement?

Diana says...
Being mortgage-free is every homeowner’s dream, but the earlier you start planning for your retirement, the easier it is to build wealth. So aim for both financial goals. Pay down your mortgage as fast as you can while leaving room for life’s expenses. As for retirement savings, even a small but steady contribution of $25 a month each toward an RRSP can add up quickly over the years.

Diana Cawfield is an award-winning financial writer with more than 10 years experience. Send her your questions here.