There's something celebratory about burning a paid-up mortgage and owning one's home free and clear, but paying off the mortgage may not be the best use of your money. It's all about dollars and cents.

Do you carry a big balance on your credit cards ? Consider that you're being charged 13 percent—or more—on that debt, far more, we'll bet, than your mortgage interest. And mortgage debt is deductible! Better to pay off the credit balance first.

Have you maxed out your retirement funds? This year someone over 50 can sock away $23,000 in a 401(k) and $6,500 in an IRA. And don't consider using that money for the mortgage! It'll cost.

Do you have an emergency fund to cover six months of living expenses? Keep funds liquid, in case of need. But if you have extra non-retirement cash that's returning a lower percentage than the mortgage costs, retire the mortgage and celebrate.

For nearly 30 years, Mike Nickerson has owned and managed a small, full-service accounting practice in the Midcoast. He holds a bachelor's degree in accounting from University of Southern Main and a master's degree in financial planning from Bentley University.

He is a past board member and president of the Maine Society of Certified Public Accountants and currently serves on the Maine Board of Accountancy.

An aged rock musician, Nickerson now finds musical enjoyment playing upright and electric bass in a variety of bands spanning folk to jazz music genres. He and his wife have three grown children, and they enjoy their free time hiking, kayaking, golfing, bicycling and motorcycling.