Mailbag: Should I put less into retirement to pay for necessary home renovations?

HerMoney with Jean Chatzky

Jean Chatzky Her Money

Investing, Entrepreneurship, Business

4.8 • 1.3K Ratings

🗓️ 28 June 2024

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this Mailbag, Jean talks to Alyce about how to pay for home renovations for her special needs daughter and whether it's reasonable to adjust her retirement savings. She and her husband have a home equity line of credit (HELOC) and are concerned about the high interest rate. They also discuss whether they should consider a TSP loan or reduce retirement contributions to pay off the HELOC. Have a question for us? Write in at [email protected]. Join the HerMoney community! For the latest episode drops and financial news-you-can-use, subscribe to our newsletter at Hermoney.com/subscribe! Takeaways: Consider using a TSP loan or reducing retirement contributions to pay off high-interest debt. Consult with a financial advisor who specializes in special needs planning. Set up a special needs trust and consider other estate planning options for a child with disabilities. Take advantage of employer-matching contributions for retirement savings. Evaluate the performance and usefulness of random investment accounts and consider selling them for immediate needs. Chapters: 00:00: Introduction 01:44: Alyce's Family and Home Renovation Needs 07:28: Comparing Mortgage and HELOC Rates 11:04: Retirement Savings Overview 18:38: Considering a TSP Loan 21:48: Selling Stock and Brokerage Account 23:33: Final Advice The HerMoney with Jean Chatzky podcast is sponsored by Edelman Financial Engines. The podcast team and its host are neither employees nor clients of EFE, however, the show does receive fixed compensation and is a paid endorser and therefore has an incentive to endorse EFE and its planners. To learn more about the sponsorship, please visit PlanEFE.com/HerMoney. Please contact [email protected] if you would like to advertise on our podcast, and to learn more about Airwave, head to www.airwavemedia.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	You're listening to an airwave media podcast.
0:06.0	Her money is proudly sponsored by Edelman Financial Engines.
0:10.0	When life gives us a financial windfall, first comes gratitude.
0:14.4	Then comes financial planning, because being empowered with our money is everything.
0:20.6	To learn more, visit plan EFE.com slash Her Money and schedule your complimentary wealth
0:26.1	checkup today.
0:29.6	This episode is brought to you by Shopify.
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0:35.3	whether you're selling succulents or stilettoes. Shopify has the industry leading tools to help you create,
0:40.7	control and grow your own business.
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0:45.6	Sign up for a one pound per month trial period at shopify.
0:48.8	code ek slash special offer, all lower case.
0:51.8	That Shopify.
0:52.6	co-de-K slash Special Offer.
0:55.0	Hey everyone, I'm Jean Chatsky.
0:59.4	Thanks so much for joining me today on Her Money
1:02.1	where we talk about personal finance and how money
1:04.6	touches everything in our lives. Today we've got a call-in mailbag with Elise from
1:11.0	DC. I'm chatting with her about how to pay for a home renovation for
1:15.4	her special needs daughter and whether or not it makes sense for she and her husband to cut back on the saving they're doing for retirement in order to make that happen.
1:26.7	By the way, I so love doing these live mailbags with you guys, so if you would like to jump on a recording with a question of your own
	...

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