Retirement Spending and Timing Your Mortgage Payoff - 458
Your Money, Your Wealth
Your Money, Your Wealth
2.3 • 681 Ratings
🗓️ 5 December 2023
⏱️ 50 minutes
🧾️ Download transcript
Summary
Should Brian in Binghamton, New York pay off his mortgage for a guaranteed 6% return? How bad did Steve in Pittsburgh screw up his retirement, and can he afford to buy a new house away from his a-hole neighbors? Can Susan and her husband in Cape Canaveral Florida retire in a year and a half and should they pay off their mortgage? And how can Edith and Archie in Kansas maximize Roth Conversions and factor paying off the mortgage into their retirement spending strategy? Plus, Steve and Marcia in Indiana and Florida wonder about their retirement spending and whether they should collect Social Security now or wait until age 70, and should Sunny D in Arizona keep potential withdrawals in cash or sell investments as needed to satisfy required minimum distributions (RMDs)? We kick things off with Shelly’s voicemail about investing the proceeds from the sale of a business.
Timestamps:
- 00:58 - How to Invest $1M From the Sale of a Business? (Shelly - voice)
- 06:55 - RMDs: Keep Potential Withdrawals in Cash or Sell Investments as Needed? (Sunny D, AZ)
- 10:00 - Pay Off Mortgage for Guaranteed 6% Return? (Brian, Binghamton, NY)
- 15:52 - How Bad Did I Screw Up My Retirement? Can I Afford to Buy a New House? (Steve, Pittsburgh)
- 21:40 - Can We Retire in 1.5 Years? Should We Pay Off the Mortgage (Susan, Cape Canaveral, FL)
- 32:14 - How to Maximize Roth Conversions While Spending From Our Portfolio and Paying Off the Mortgage (Archie & Edith, KS)
- 39:39 - Retirement Spending and Collecting Social Security Now or Wait to Age 70? (Steve & Marcia, Indiana & Florida)
- 47:56 - The Derails
Access this week's free financial resources in the podcast show notes at https://bit.ly/ymyw-458
- Withdrawal Strategies Guide
- Free Financial Assessment
- Episode Transcript
- Ask Joe & Big Al On Air for your Retirement Spitball Analysis
Transcript
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| 0:00.0 | Should Brian and Binghamton, New York, pay off his mortgage for a guaranteed 6% return? |
| 0:05.2 | How bad did Steve in Pittsburgh screw up his retirement? |
| 0:08.1 | And can he afford to buy a new house away from his A-hole neighbors? |
| 0:12.0 | Can Susan and her husband in Cape Canaveral, Florida, retire in a year and a half? |
| 0:15.7 | And should they pay off their mortgage? |
| 0:17.7 | And how can Edith and Archie in Kansas maximize Roth conversions and factor paying |
| 0:22.2 | off the mortgage into their retirement spending strategy? That's all today on Your Money, |
| 0:26.4 | Your Wealth podcast number 458. Plus, Steve and Marsha and Indiana and Florida wonder about their |
| 0:31.8 | retirement spending and whether they should collect Social Security now or wait until age 70, |
| 0:36.7 | and should Sunny D in Arizona |
| 0:38.5 | keep potential withdrawals in cash or sell investments as needed to satisfy required minimum |
| 0:44.1 | distributions? But first, we'll kick things off with a voicemail about investing the proceeds |
| 0:48.7 | from the sale of a business. I'm producer Andy Last, and here are the hosts of Your Money, Your |
| 0:53.3 | Wealth, Joe Anderson, CFPP and Big Al Clopline CPA. |
| 0:57.6 | So if you leave a voicemail, you get top billing. |
| 1:01.6 | That's the policy. |
| 1:03.4 | Voicemails get priority. |
| 1:05.2 | Top of the list. |
| 1:06.0 | Yeah, because we got emails that are from like 2021. |
| 1:09.7 | I think we're trying to get through. |
| 1:11.5 | We're about 40 pages behind. |
| 1:13.5 | So yeah, voicemail. |
... |
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