Is It Okay to Retire with a Mortgage?
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.6 • 2.8K Ratings
🗓️ 29 July 2024
⏱️ 36 minutes
🧾️ Download transcript
Summary
"My Dad is set to retire soon but isn’t sure he should pay off the house first. With 250k left at 2.5%, he wants to keep the money invested. Is there something besides the 2.5% rate he should consider?"
We'll walk you through that question and more in today's Q&A episode!
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Transcript
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| 0:00.0 | Is it okay to retire with a mortgage? |
| 0:09.6 | Brent, I am so excited about this because I love when there are topics that maybe you and I don't |
| 0:15.2 | completely agree on. Maybe there are topics that we don't see completely eye to eye on and I love |
| 0:20.0 | that we can hash it out in front of hundreds of thousands of our best friends. I also love that we can |
| 0:25.6 | answer questions that you care about. We can speak to the things that really, really matter to you guys. So right now we have the team out in the wings collecting your |
| 0:34.5 | questions so if you have a question you want to get our thoughts on we would |
| 0:37.3 | encourage you get it in the chat right now so with that creative director |
| 0:41.8 | Rebe I'm gonna throw it to you. |
| 0:43.6 | I've got a great question to kick us off and talk about this topic from Troy. |
| 0:48.0 | He says my dad is set to retire soon but isn't sure he should pay off the house first. |
| 0:54.5 | With 250K left at 2.5%, he wants to keep the money invested. |
| 1:00.5 | Is there something besides that 2.5% interest rate that he should consider? |
| 1:05.0 | What do you guys think? |
| 1:07.0 | Ooh. |
| 1:08.0 | So let me answer the second part of the question first is there something to consider other than the |
| 1:15.4 | interest of course absolutely when it comes to personal finances you don't want to ever |
| 1:19.5 | look at anything in a vacuum so there are other things to consider but I like the way the |
| 1:24.6 | beginning of the question started right now I want to know your answer to this |
| 1:28.0 | question is it okay to retire with a mortgage yes or no. |
| 1:34.0 | Look the ideal is to... |
| 1:37.0 | No, but here's the ideal is that you want to retire debt-free |
| 1:41.0 | because it's hard to say you are financially independent while |
... |
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