Should I Pay Off the Mortgage?

Jill on Money with Jill Schlesinger

Audacy

Self-improvement, Education, Business, Investing

4.6 • 1.9K Ratings

🗓️ 29 November 2022

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

Given my current situation, should I pay off my mortgage as fast as possible?

Have a money question? Email us, ask jill [at] jill on money dot com.

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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Transcript

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0:00.0	Welcome to the Jill on Money Show. It is Tuesday, November 29th. Hey, it's giving Tuesday. So if you are
0:10.4	charitably inclined, time to figure out whether or not you're ready to give some money away today.
0:17.0	And don't forget to give wisely. I think I should write about this. So I'll make sure I have something up on the website for you guys to check out. Today we are doing an email episode, but that doesn't mean you can't send us a note and try to get on the program live. Just go to jillunmoney.com, click the contact us button. And if you check that box at the end, Mark will get you on the air. It's very easy to do. So let's get going. Let's answer some questions. This is from Claudine who writes, hi, Jill, I love your podcast. What are your thoughts on long-term care funding? I have many thoughts. So let's hear what Claudine has to say. She says, I'm 60.
0:56.0	I'm bewildered by the choices.
0:57.1	Self-funding?
0:58.3	Okay, that's easy.
0:59.7	You just have to have a lot of money saved.
1:07.1	Universal life insurance with long-term care and annuity, an annuity with long-term care, long-term care insurance itself.
1:08.9	I may be missing other options.
1:10.6	I'd love to hear your common sense. No nonsense thoughts
1:12.7	on the subject. Okay. When I think about long-term care, I say, who's at risk, right?
1:19.2	The people who are most at risk are this narrow category. It is a couple that has a net worth of, let's put it at say, I don't know, a million,
1:33.8	maybe a half a million to two million dollars around that. And why are we talking about couples?
1:40.2	Because when one person and a couple requires long-term care, the other person is the one I'm worried
1:48.7	about, right? So you might have plenty of money and you can pay for your long-term care needs,
1:52.6	except that if you don't survive, or even if you do survive for longer than expected, you can soak up
1:59.7	all the money that the other surviving spouse would
2:03.9	need.
2:04.8	So that's why the couple's thing is important.
2:07.5	Now, let's say you have less than a half a million dollars in assets.
2:10.2	You say, well, don't I need coverage?
2:12.1	Well, maybe not.
	...

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