The age debt should die
Bottom Line: At this point you likely don't even have to be a fan of Shark Tank to be familiar with one of its most notable participants...Kevin O'Leary. As an aside, most don't know that the reason that Kevin O'Leary has always been front and center in the show is that he's the critical cog in its creation. The precursor to Shark Tank was a show in Canada called Dragon's Den that O'Leary starred in. They brought that concept to the US a few years later in Shark Tank. Anyway, background aside, his financial advice has long been sought by many aside from companies seeking investment. Aside from this own wealth he manages billions of dollars through his O'Leary Funds (mutual funds) and he recently spoke directly to the age that debt should die in your life.
My first rule of retirement is that a mortgage isn't a retirement plan. The point really isn't just about mortgages. It's a story about debt. I don't endorse any retirement plan that includes carrying debt. If you have debt you have something to lose and at a time in which you're likely to be living on fixed income and potentially becoming less viable in the workforce. That's a bad plan. What Kevin O'Leary is suggesting is a best practice for debt elimination for retirement success. The magic age according to Kevin... 45. He says that you should have all debt in your life paid off by the time 46 rolls around. Simply put, he said that you need the second half of your work life to focus on maximum saving and investment. Plus, if that's part of the plan, it'll help keep you from living outside of your means or overspending during many of your peak earning years.