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Jill on Money with Jill Schlesinger
Husband Passed, Should I Pay Off Mortgage?
Jul 18, 2024
Topics discussed include whether to pay off a mortgage with a life insurance payout, planning for long-term care and financial future, financial planning strategies for retirement funding, and memorable travel experiences in Europe and Normandy.
20:40
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Quick takeaways
- Consider investing life insurance payout instead of paying off mortgage for long-term financial growth.
- Utilize comprehensive financial planning to fund enriching experiences and create lifelong memories.
Deep dives
Financial Advisor's Advice on Mortgage Payment
At 64, Kay deliberates on using $200,000 from a life insurance payout towards her mortgage balance of $113,000 at 6.5%. Despite Kay's desire to pay off the mortgage, her financial advisor suggests investing the money. Kay follows the advice, allocating funds to a Roth IRA, a CD, and an account with ETFs and mutual funds. With a 1% fee from the advisor, Kay contemplates retiring sooner by paying off her mortgage or investing further.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode