Should I reduce my mortgage before retiring?

It may be the case that your bank requires you to pay off a large part of your mortgage so that you continue to meet the affordability criteria on a lower income after retirement. Several years before retiring, you should check whether you have to pay off your mortgage and how to do so. 

If this is a voluntary choice, however, you should not pay off too much, as after retiring, it will be difficult to take out a larger mortgage if you need the money.