Jill on Money with Jill Schlesinger My Gut Wants to Be Free of the Mortgage
10 snips
Oct 16, 2025 Navigating the emotional landscape of mortgages, one listener grapples with a $200,000 decision. Experts dissect whether starting Social Security at 62 is wise, emphasizing the benefits of delay. A debate sparks over buying a house for just a few years versus renting, raising questions about financial priorities. Jill offers insights on cash flow management for retirees while weighing the security of pension jobs against potentially higher private pay. Ultimately, a call for balancing emotional needs with sound financial decisions wraps up the discussion.
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Use Brokerage Cash First
- Withdraw the $200,000 from your brokerage account rather than retirement accounts or annuity to preserve guaranteed income and tax-advantaged retirement savings.
- After repairs, rent the primary home to replace lost brokerage dividends and maintain long-term income stability.
Don't Buy For A Short Horizon
- Avoid buying a house if your horizon is only five to seven years; renting is often cheaper and more flexible for short stays.
- Do not tap retirement accounts to finance a short-term home purchase because it creates long-term trade-offs and potential penalties.
Skip Roth Conversions For Now
- Avoid Roth conversions if you need cash now and have sufficient pension and future Social Security to cover needs.
- Preserve liquid savings and use taxable accounts or IRA withdrawals strategically to manage taxes and cashflow before claiming Social Security.
