Should I Take a Small Mortgage Into Retirement?

Ready For Retirement

James Conole, CFP®

Investment Planning, Bonds, Education, Stocks, Cash, Business, Dividend Investing, Retirement Planning, Retirement, Investing, Tax Planning

5 • 706 Ratings

🗓️ 26 May 2020

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our topic on this episode of the Ready for Retirement podcast is whether you should retire with a mortgage. Many people believe that carrying a “small” mortgage into retirement with them will be advantageous in terms of tax deductions, but the reality is that unless your mortgage is rather large or you contribute to charity significantly, you will likely be better off using the standard deduction. In association with episode 7 of the podcast, where we discussed how much money you should...

Transcript

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0:00.0	Discover the tips and strategies that will help you achieve your retirement goals.
0:09.3	I'm your host, James Canole, and this is the podcast dedicated to helping you retire well.
0:14.6	It all starts right here on Ready for Retirement. for retirement.
0:27.2	Hey, everyone.
0:29.5	Thanks are tuning in into another episode of Ready for Retirement.
0:30.9	I'm your host, James Canol.
0:32.7	And I get asked by a lot of people.
0:35.4	They say, James, should I retire with a small mortgage?
0:37.0	People are approaching retirement.
0:38.3	They're making the final decisions. They're laying out the plan. And with a small mortgage? People are approaching retirement. They're making the final decisions.
0:39.6	They're laying out the plan.
0:43.1	And I say small mortgage because that's always how the question is framed to me.
0:45.6	James, should I retire with a small mortgage?
0:48.8	Now, some people, they ask this from a standpoint, a tax standpoint.
0:52.9	They're asking, would it be good to take a small mortgage into retirement for a tax deduction purposes?
0:54.4	Well, other people are asking from an expense standpoint, just James isn't bad to retire with a mortgage. So what we're
0:59.2	going to do on today's episode is answer the question, should you retire with a small mortgage
1:03.5	or really any mortgage? And we're going to approach it from both of those standpoints. Number one,
1:07.4	the tax perspective and number two, just the expense perspective. So let's jump in.
1:13.0	Number one, from a tax perspective, would it be good to take a small mortgage into retirement
1:17.5	to get the tax deduction? Most people who have asked me this, it's an easy answer. And that answer is
1:24.4	no. Really, this is why.
	...

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