Low Mortgage Interest Rate vs. Future Gains: Is Trading Up Worth It? - 448
Your Money, Your Wealth
Your Money, Your Wealth
2.3 • 681 Ratings
🗓️ 26 September 2023
⏱️ 47 minutes
🧾️ Download transcript
Summary
Coach Dobber and his wife in Edina, Minnesota have a low mortgage interest rate and a decent amount of home equity. Should they put that equity to work and take the risk on buying a higher value home at a reduced price, even if it means a much higher interest rate and higher monthly payments too? Plus, Joe and Big Al spitball for Adam, in the birthplace of aviation, on the taxation of passive rental income, and capital gains from his portfolio and the sale of his business, prior to his early retirement. They also spitball for Charles in Idaho, on taxes on the sale of his mother-in-law’s house. And should Dan’s wife and business co-owner retire from the business and take Social Security Disability? And will Social Security be reduced for everyone? Steve in Vegas has a cautionary tale to tell.
Timestamps:
- 00:55 - Stay With a Low Mortgage Rate, or Buy Up at a Reduced Price? (Coach Dobber, Edina, MN)
- 16:10 - Early Retirement Taxes on Rental Income and Capital Gains? (Adam, Dayton, OH)
- 24:55 - How to Figure Taxes on Sale of Mom’s House (Charles, ID)
- 29:47 - Should Spouse and Business Co-Owner with Alzheimer’s Retire and Take Social Security Disability? (Dan, Midwest USA)
- 36:04 - Will Social Security Be Reduced for Everyone? A Cautionary Tale (Steve, Las Vegas)
- 44:17 - The Derails
Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-448
- 2023 Key Financial Data Guide
- EASIRetirement.com - new free retirement calculator!
- Social Security Handbook
- Episode Transcript
- Ask Joe & Big Al On Air for your Retirement Spitball Analysis
Transcript
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| 0:00.0 | Coach Dobber and his wife in Edina, Minnesota, have a low mortgage interest rate and a decent amount of home equity. |
| 0:05.9 | Should they put that equity to work and take the risk on buying a much higher value home at a reduced price, even if it means a much higher interest rate and higher monthly payments, too? |
| 0:15.2 | That's today on Your Money, Your Wealth podcast number 448. |
| 0:19.2 | Plus, join Big Al's pitball for Adam in the birthplace of aviation on the taxation of passive |
| 0:24.5 | rental income and capital gains from his portfolio and the sale of his business prior to |
| 0:29.2 | his early retirement. |
| 0:30.8 | They also spitball for Charles in Idaho on taxes on the sale of his mother-in-law's house |
| 0:35.4 | and should Dan's wife and co-business owner |
| 0:38.1 | retire from the business and take Social Security disability? |
| 0:42.0 | And will Social Security be reduced for everyone? |
| 0:44.9 | Stephen Vegas has a cautionary tale to tell. |
| 0:47.7 | I'm producer Andy Last, and here are the hosts of Your Money, Your Wealth, |
| 0:51.5 | Joe Anderson, CFP, and Big Al Clopine cpa coach d'abber coach all right |
| 0:58.1 | i'm edina minnesota look at i know where ekeena is would just be my rival in high school |
| 1:03.8 | yeah oh really okay all right about that hello andy big owl joe thanks for taking a moment to |
| 1:10.3 | consider our situation to get you in the mood. |
| 1:13.1 | All right. |
| 1:14.6 | I'm 47, former teacher and basketball coach who now dabbles in learning and development for a financial services company group similar to yours. |
| 1:23.6 | Oh, okay. |
| 1:25.1 | Well, learning and development. |
| 1:26.4 | Right. |
| 1:27.3 | From basketball to finance. |
... |
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