Dear Carrie: I hope to retire in about five years and am working on reducing my overall debt, including my mortgage. Should I put off retirement until I'm completely in the black? — A Reader

Dear Reader: This is an excellent question, especially in light of a 2014 report by the Employee Benefit Research Institute indicating that 44 percent of retirees have concerns about their level of debt. To me, keeping control of overall debt is an important part of financial planning in any stage of life. But a flat statement about eliminating all debt in retirement might be too simplistic. That's because the amount of debt you can comfortably handle is very individual and depends on your bigger financial picture.

Start by Looking at Assets, Liabilities and Cash Flow

The basic question is whether you'll have enough retirement income to cover your debt payments. To figure that out, start with a simple net worth statement, listing your liabilities and your assets. This will put the significance of your total debt load in perspective.

Next, do a realistic estimate of your monthly retirement income and expenses. Add up your expected income from all sources — Social Security, pensions, real estate, savings, etc. — and subtract your estimated expenses. Don't forget to factor in recurring expenses, such as taxes and insurance. And don't underestimate potential health care costs.

If you have considerable retirement savings — as well as other sources of reliable retirement income that will cover your expenses, including any debt — then carrying a mortgage, for instance, might not be an issue.

Qualify the Type of Debt You Have

Total debt is important, but so is the type of debt you have. Debt that is low-cost and potentially tax-deductible, such as a mortgage or student loans, might actually work in your favor. But high-cost consumer debt — things such as car loans and, especially, credit card balances — could really derail you if you're not careful.

This is the type of debt you should try to get rid of, no matter what your retirement plans are. I'd start with credit cards. If you're carrying multiple balances, prioritize your payments. Tackle the highest-interest balances first, increasing payments if you can, while paying at least the minimum on your other balances. Work your way down the list until everything is paid off.

Consolidating balances on a low-interest card and maximizing that payment is another option. But beware of the potential high cost and hidden fees of loan consolidation offers.

Once you have your credit card debt under control — let's hope it's eliminated for good — start upping the payments on a car loan.

Do the Math on Your Mortgage

Carrying mortgage debt in retirement could certainly be a budgeting challenge, depending on the percentage of your monthly income your payment represents. But in certain circumstances — say, if you have a low-interest, tax-deductible mortgage — it could actually make economic sense to keep it.

For example, if you have a fully deductible 5 percent fixed loan and your combined federal and state tax rate is 30 percent, your mortgage is really only costing you 3.5 percent. On the one hand, paying it off would be equivalent to a risk-free 3.5 percent return on your money. On the other, you might be able to invest those funds elsewhere at a potentially higher return.

So it really comes down to dollars and cents. If your monthly mortgage payment would represent a big chunk of your retirement income, you'd probably be wise to try to pay it off in advance. However, if you're confident you'd be able to cover your mortgage in retirement without sacrificing other essentials or if paying it off would dangerously deplete your savings, it could make more sense to just continue making your regular monthly payments.

Consider Your Feelings

Numbers aside, if you're convinced that being debt-free in retirement would give you the greatest sense of security, then that should be your focus. Get rid of consumer debt first. Make additional payments on your mortgage as you're able. And give yourself a realistic retirement timetable — one that will allow you enough time to plan and save for a comfortable future.

Carrie Schwab-Pomerantz, Certified Financial Planner, is president of the Charles Schwab Foundation and author of "The Charles Schwab Guide to Finances After Fifty," available in bookstores nationwide. Read more at http://schwab.com/book. You can email Carrie at askcarrie@schwab.com. This column is no substitute for individualized tax, legal or investment advice. Where specific advice is necessary or appropriate, consult with a qualified tax adviser, CPA, financial planner or investment manager. To find out more about Carrie Schwab-Pomerantz and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www.creators.com.