Which is Better: Saving for Your Retirement or Paying Down Your Mortgage?

Is it more advantageous for you to save money for your retirement or pay down your mortgage? It all depends on your personal financial situation. A contribution to a registered retirement savings plan (RRSP) is deductible from your income for tax purposes and is an advantage in the short term. In the long term, an RRSP ensures a more comfortable retirement. However, paying off your mortgage quickly significantly reduces your total cost and gives you the advantage of financial independence.