Jill on Money with Jill Schlesinger Should I Use TSP to Payoff Mortgage?
10 snips
May 2, 2025 A 70-year-old seeks advice on paying off their mortgage using TSP funds, sparking a discussion on retirement savings versus immediate financial relief. The episode emphasizes the importance of liquidity, especially during later stages of life, and explores the implications of interest rates on such decisions. Additionally, listeners are guided through car buying strategies and the intricacies of charitable contributions, while highlighting the vital role of realtors for homebuyers in California.
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Jill's Car Story
- Jill Schlesinger dislikes dealing with cars and drives a 10-year-old car.
- Her car purchase was guided by expert Mike Quincy, highlighting an unusual motivation to buy a car in New York.
Simplify Charitable Giving Using QCD
- Qualified Charitable Distributions (QCDs) allow up to $108,000 annually without needing complex annuity products.
- Simplified QCDs often outperform charitable annuities as a giving strategy for over-70s.
Avoid Paying Mortgage With TSP
- Avoid using your Thrift Savings Plan (TSP) to pay off your mortgage due to taxes and losing financial access.
- Keep your nest egg intact and continue manageable mortgage payments instead.