The way social security has been calculated lately, there's a huge pay off in taking socia security later. Many places show about an eight % return on your money if you don't take social security and you let it go to the next year. If they have a really high, fixed monthly payment on this mortgage, and paying it off would relieve them from needing to draw down a bigger number then i can see an argument for prioritizing that primary residence pay off prior to retirement. But on the flip side, a roth for o three b is pretty darn attractive. And they're young enough that they can pound some pretty decent money for the latter half of their retirement years when they're
#352: Anna and her husband have volatile income, but Anna thinks that having 18 months of living expenses is unnecessary. She’s torn between paying off her student loans ($30,000) or investing the money. Mentally, she always figured she would pay off her debt first, but wouldn’t investing pay off in the long run?
Charlotte and her husband are taking a phased approach to financial independence, where they need to bridge two gaps before they each turn 59 ½. How can they calculate how much they need at each phase?
Elle has a retirement plan in place, but her company is adding a Roth 403(b) option soon. Should she stay the course or adjust her strategy in these last five years before retiring?
Sara wants to purchase land and build her dream house by refinancing her rental property and turning her current home into a second rental. How can she improve this plan?
Joe Saul-Sehy, my friend and former financial planner, joins me to tackle these questions on today’s episode.
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