A commonly held assumption is that retirement means being debt free. Your home is paid off, all your credit cards have zero balances, and you only have a car payment because you got amazing financing from the dealership. When you thought of retirement, a mortgage payment was certainly never part of that equation. If there were increased medical expenses or other unforeseen expenses, they could be offset by the fact that your major expense – housing – was significantly reduced. That line of thinking is simply a myth for many retirees today.