loader from loading.io

Ep 89: Keep the Mortgage

Retire With Confidence

Release Date: 04/02/2024

Ep 90: Advisors Do Different Things show art Ep 90: Advisors Do Different Things

Retire With Confidence

In this episode, Dave Zaegel discusses the importance of finding the right financial planner for your needs. He highlights the fact that different financial advisors have different specialties and areas of expertise. He compares this to the medical field, where doctors have different specialties and refer patients to specialists as needed. Dave emphasizes the importance of understanding your preferences and researching different planners to find the right fit for your retirement planning needs. By finding a planner who aligns with your goals and preferences, you can retire with confidence....

info_outline
Ep 89: Keep the Mortgage show art Ep 89: Keep the Mortgage

Retire With Confidence

In this episode, Dave Zaegel discusses the rush to pay off the mortgage and emphasizes the importance of prioritizing financial planning. He advises against rushing to pay off the mortgage without considering other financial goals, such as saving for retirement and building an emergency fund. Dave also highlights the need to consider the interest rates and tax implications before paying off the mortgage. In retirement, he suggests evaluating the mortgage balance relative to retirement assets and considering the impact on taxes and investment growth. The key takeaway is to pay off debt...

info_outline
Ep 88: No Need to Play the Lottery show art Ep 88: No Need to Play the Lottery

Retire With Confidence

In this episode, Dave Zaegel discusses the topic of playing the lottery and its implications for retirement planning. He shares an experience he had in a grocery store and highlights two key points to consider when playing the lottery. Dave cautions against viewing the lottery as a solution to retirement problems and emphasizes the importance of understanding the financial implications. He also explores the downsides of winning the lottery and how it can negatively impact one's life. Ultimately, Dave advises listeners to be mindful of the potential consequences before engaging in lottery play....

info_outline
Ep 87: Importance of Proper Insurance Coverage with Tyler Arnold show art Ep 87: Importance of Proper Insurance Coverage with Tyler Arnold

Retire With Confidence

In this episode, Tyler Arnold of the Arnold Insurance Group joins Dave Zaegel to discuss the importance of protecting assets through insurance coverage. They cover topics such as auto insurance coverage, home insurance coverage, liability coverage, umbrella policies, and water damage coverage. They emphasize the need to review coverage regularly and make adjustments as necessary. Listeners are encouraged to reach out to Tyler Arnold for further assistance.   Takeaways: Ensure that auto liability coverage meets or exceeds total assets at risk. Consider increasing liability coverage on home...

info_outline
Ep 86: IRA Types and Conversions show art Ep 86: IRA Types and Conversions

Retire With Confidence

In this episode, Dave Zaegel discusses traditional IRAs, Roth IRAs, backdoor Roth IRAs, and Roth IRA conversions. He explains the tax implications of each type of account and highlights the benefits of Roth IRAs, which allow for tax-free withdrawals in retirement. Dave also explains the concept of backdoor Roth IRAs, which provide a way to contribute to a Roth IRA even if your income exceeds the limits. He emphasizes the importance of tracking and reporting these transactions on Form 8606 of your tax return.   Takeaways: Traditional IRAs provide a tax deduction for contributions, but...

info_outline
Ep 85: Life Insurance for Estate Planning show art Ep 85: Life Insurance for Estate Planning

Retire With Confidence

In this episode, Dave Zaegel discusses the use of life insurance for estate planning. He explains how life insurance can help avoid estate taxes and the importance of planning for potential changes in tax laws. Dave also introduces the concept of an irrevocable life insurance trust (ILIT) and how it can be used to protect assets and provide tax benefits. Additionally, he touches on special needs planning and how life insurance can be beneficial in that context. Takeaways: Life insurance can be used to avoid estate taxes and protect assets for beneficiaries. An irrevocable life insurance trust...

info_outline
Ep 84: Life Insurance Planning for Retirement show art Ep 84: Life Insurance Planning for Retirement

Retire With Confidence

In this episode, Dave Zaegel discusses the use of life insurance in retirement planning, specifically in relation to pension payouts. He explains the reasons why someone might want to keep a life insurance policy in retirement, such as health issues or the desire to leave a financial legacy. Dave then explores how life insurance can be used to enhance pension payouts, providing an example to illustrate the concept. He emphasizes the importance of evaluating different payout options and considering one's health when considering life insurance in retirement planning.   Takeaways Life...

info_outline
Ep 83: Life Insurance Planning - Types of Plans show art Ep 83: Life Insurance Planning - Types of Plans

Retire With Confidence

In this episode, Dave discusses the importance of life insurance in retirement planning. He explains that while life insurance is commonly associated with younger individuals, there are situations where it can be beneficial for retirees. He then provides an overview of different types of life insurance policies, including term insurance, whole life insurance, and universal life insurance. He emphasizes the need to keep life insurance planning simple and evaluate options based on individual needs and goals.   Takeaways Life insurance can play a role in retirement planning by providing a...

info_outline
Ep 82: Risk Tolerance Questionnaires are (Mostly) Garbage show art Ep 82: Risk Tolerance Questionnaires are (Mostly) Garbage

Retire With Confidence

In this episode, Dave Zaegel discusses the limitations and problems with risk tolerance questionnaires commonly used in retirement planning. He emphasizes the importance of individualized retirement planning and the need for a comprehensive plan that aligns with the client's goals and needs. Risk tolerance questionnaires should only be used as a supplement to the plan, providing small adjustments based on the client's comfort level. Dave cautions against relying solely on these questionnaires and highlights the role of proper investment structure in supporting the plan. Takeaways: Risk...

info_outline
Ep 81: Don't Get Hurt (Too Badly) show art Ep 81: Don't Get Hurt (Too Badly)

Retire With Confidence

In this episode, Dave Zaegel discusses the importance of not getting hurt in retirement, both in terms of health and finance. The primary focus is on injury prevention and maintaining physical well-being as we age. Additionally, Dave explores the need for growth and investment strategy in retirement planning, while also emphasizing the importance of avoiding major financial setbacks. He highlights the significance of creating a safety net and balancing risk with long-term growth. Takeaways: Prioritize injury prevention and maintaining physical well-being in retirement. Invest in growth...

info_outline
 
More Episodes

In this episode, Dave Zaegel discusses the rush to pay off the mortgage and emphasizes the importance of prioritizing financial planning. He advises against rushing to pay off the mortgage without considering other financial goals, such as saving for retirement and building an emergency fund. Dave also highlights the need to consider the interest rates and tax implications before paying off the mortgage. In retirement, he suggests evaluating the mortgage balance relative to retirement assets and considering the impact on taxes and investment growth. The key takeaway is to pay off debt strategically and not let it overshadow other important financial considerations.

 

Takeaways

Don't rush to pay off the mortgage without considering other financial goals.
Prioritize saving for retirement and building an emergency fund.
Consider the interest rates and tax implications before paying off the mortgage.
Evaluate the mortgage balance relative to retirement assets in retirement.

 

Chapters

00:00 Introduction and Opening
00:28 The Rush to Pay Off the Mortgage
03:22 Considerations for Paying Off the Mortgage
05:19 Paying Off the Mortgage in Retirement
07:42 Debt Payoff as a Priority
08:40 Conclusion