How Should You Pay Off Your Mortgage?
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 5 August 2022
⏱️ 26 minutes
🧾️ Download transcript
Summary
Transcript
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| 0:00.0 | It's Brian Preston, the money guy, restoring order to your financial chaos, retirement, |
| 0:07.0 | investing, taxing. |
| 0:09.0 | You've got financial questions, he's got financial answers. |
| 0:12.6 | It's Brian Preston, the money guy. |
| 0:16.1 | Travis on Facebook, he has a question. |
| 0:18.4 | He says he just listened to our average 401k balance by age show, which is great. |
| 0:23.7 | That's one of our favorites to do. |
| 0:25.8 | He said, I am a state government employee with a pension plan. |
| 0:29.0 | I'm frustrated that my 401k balance is not as high as I would like it to be. |
| 0:34.6 | This is because the state takes 10% of my income for the pension plan. |
| 0:38.6 | Therefore, I only put 10% of my income into my 401k. |
| 0:43.7 | How can I determine if my 401k balance is up to par considering I have a pension to |
| 0:49.8 | supplement it? |
| 0:51.8 | Yeah, I love this type of question too. |
| 0:54.7 | This is a very nuanced, very individualized. |
| 0:57.8 | Unfortunately, Travis, we don't know all your things. |
| 1:01.3 | You gave us a lot to work with. |
| 1:02.7 | I went talking to generalities here. |
| 1:04.9 | It is one of those unique things where I worked in local government for a while where I |
| 1:10.7 | know how pensions, it's not uncommon where you might have to give 8% and then your employer |
| 1:16.0 | is putting 12%. |
| 1:17.0 | You're actually getting 20% of your income, the total amount put in there because of the |
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