We're living in Canada, and working our tail ends off to pay off our mortgage and line of credit. We currently owe $101K, and are hoping to have it all paid off in 3 years (our payments towards these 2 debts is just over $2,000 p/mo). Our income is around 75K p/year. Are we on the right track? I feel like we're really behind the 8 ball... we're 50 & 54, and our home is just a duplex, a very nice one, but not a free standing home. Should we have been out of this years ago??

Depends on when you got into it. Some may already be where you are headed, many others are no where close.

Certainly, by far, you are working towards one of the best financial goals you could have. Having your home paid for free and clear by the time you retire. Good job!

I believe in the USA, most people die while they are still in debt to someone.

The key part of the equation that you left out is how much money you have in savings. If you have $100,000 in debt and $900,000 in savings, then yeah I think you are on the right track. If you have $100,000 in debt and $9,000 in savings, then I think you have a lot of work to do.

I would suggest interviewing some certified financial planners who can help you figure out where you are and how to get to a dignified retirement.

Having said that, most financial planners in the US suggest that retirees can withdraw 4-8 percent of their nest egg annually and have it last until they pass away. For example, if you can live off $4,000 to $8,000 annually, then $100,000 in total savings is sufficient.

To answer your direct question, most Americans are never out of debt. But that's hardly a model for anyone to follow. I became debt free at the age of 34.

I was well on my way to being debt free, then I got married at age 34. I had $12,000 left on the house, no credit card debt, no car payment. Since then, we bought a car and I inherited her credit card debt. The house will be paid off next month (I'm 34 now) and then we'll work on the rest. Hopefully in 2-3 years we'll be debt free unless there's another car in our future.