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Jill on Money with Jill Schlesinger

Crazy to Buy a House in Retirement?

Jill on Money with Jill Schlesinger

Audacy

Education, Investing, Business, Self-improvement

4.61.9K Ratings

🗓️ 6 June 2024

⏱️ 13 minutes

🧾️ Download transcript

Summary

Are we crazy to consider buying a house in retirement? If we do it, should we pay cash or take out a mortgage?

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Transcript

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0:00.0

Welcome to the Jill on Money Show. It's Thursday, June 6th. It is the 80th anniversary of D day.

0:10.7

Wow, that is something else. If you've got a question today, if you're especially if you are someone who is served in the armed forces, you go to the top of the line. That's it. Boom. And if you're serving currently you go before

0:23.7

everyone else. So otherwise everyone else if you've got a financial question give us a

0:28.4

holler go to Jill on Money.com click the contact us button and do let us know if you'd like to join us on the air by

0:34.7

checking that box while you're on the website check out our free weekly newsletter

0:40.0

you can sign up for it it comes out every Friday and you can also subscribe to Jill

0:44.3

on Money Live that is where you have access to quarterly live webinars for 12

0:49.3

months bonus video content it only cost 35 bucks and our next webinar is up ready to rock

0:56.7

and roll I'm very excited we're going to be talking about social security with an

1:02.0

expert and her name is Heather Schreiber.

1:05.0

She's really amazing so she'll be able to take a deep dive with us.

1:08.3

It only takes 35 bucks to get Heather, three more and all that other content so check it out.

1:14.8

Okay today we are going to talk to Steve who's on the line from Virginia.

1:19.7

Hi Steve what can we do for you?

1:21.7

Hi Jill yeah as I had mentioned in my email to you,

1:26.5

my wife and I are retired.

1:28.3

Most of our income is from Social Security,

1:31.4

as far as reliable income. We have probably about 1.7 million in IRA,

1:39.4

300,000 of that is in Ross and we are completely debt-free. I haven't paid a nickel in interest since

1:46.0

2007. We bought the house down here initially as a vacation home and paid off the mortgage in a little less than two years, which I'm

1:56.0

quite proud of. But now we have retired and we're living in what used to be our vacation home and my wife and I are

2:06.0

thinking about possibly moving and I want to know if we're crazy for wanting to

...

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