4.4 • 1.3K Ratings
🗓️ 25 May 2022
⏱️ 9 minutes
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0:00.0 | This is Optimal Finance Daily Episode 1902, your retirement checklist by Mike Baloo of |
0:07.4 | Eggstack.com, and I'm your host and personal finance enthusiast, Diana Mariam. |
0:13.9 | Now let's get right to it and continue optimizing your life. |
0:21.8 | Your retirement checklist by Mike Baloo of Eggstack.com |
0:27.9 | As you approach retirement, it's important to take inventory to make certain all of the |
0:33.0 | necessary arrangements are made. |
0:35.8 | Once you make the big leap, it's too late for a do-over. |
0:39.7 | You need a checklist and what follows is a good start. |
0:44.0 | Pay off debt. |
0:45.9 | The best case scenario is to be debt-free when you enter retirement. |
0:50.7 | Debt is a necessary evil when you're young and first starting out, but by the time |
0:55.1 | you retire, you should have outgrown it. |
0:58.2 | Loan payments are not something retirees should be dealing with. |
1:02.2 | The biggest favor you will ever do yourself is to get a 15-year mortgage. |
1:07.6 | You pay off your mortgage in half the time, but the payments are not twice as much. |
1:13.2 | If you already have a 30-year mortgage, you can achieve the same result by paying it off |
1:18.4 | at the higher 15-year rate. |
1:22.0 | Paying is a little like traveling to Mars. |
1:25.9 | Another component to being debt-free is to put car payments in the rear-view mirror. |
1:31.3 | When you pay off the vehicle that you currently own, keep making car payments only make them |
1:36.0 | to yourself. |
1:37.6 | You can put the money in a savings account, and over time you will accumulate enough to |
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