You know people are living longer when the category of “senior” is divided up. There are young seniors, age 62 to 75, “super seniors” who are 90 years plus, and Centenarians are over 100. And, “middle age” for seniors would be 76 to 90.

According to a new study from Financial Freedom, about a third of young seniors, those aged 62 to 75, are still carrying mortgages. Of those, nearly 60 percent say they have 10 years or more left until they pay off the loan.

Why are these young seniors still carrying a mortgage? A third say they just never paid off their existing mortgage. Twenty-one percent took out a home equity loan and are paying that off. And 17 percent did it for the tax break.

The problem with paying a mortgage when you’re on a fixed income is that it cuts into the options you have in retirement. Your best bet is to develop a plan to pay off your mortgage before you stop working.

With practical, informative consumer advice, I’m Ilyce Glink, News-Talk 750 WSB