Ep 61: Picking Sides In Important Financial Debates

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On this episode, we’ll pick sides of some important financial debates. From paying off your mortgage early to life insurance and more, we’ll share our opinions on these hot financial topics.

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Show Notes

Should you pay off your mortgage early? Is a 401k better than a Roth? Today we’re picking on sides of these important financial debates and explaining the grey areas.

Should you always pay off your house as soon as you can?

This is a tough one, but our opinion is yes, pay it off as soon as possible. People often go back and forth on this one. We work primarily with retirees, and those who have their home paid off usually have less stress.

Some say you could make more in the market instead of paying off a mortgage, but we still prefer paying off your house.

Nobody needs life insurance once they’ve retired?

Life insurance isn’t always needed in retirement with proper planning and enough savings. Make sure nobody is reliant on your income. Our best advice is to talk with your advisor to see what is best for you.

You’ll be in a lower tax bracket in retirement, so is it best to defer taxes now and pay them later?

We disagree with this. Taxes are probably going to continue going up, especially when looking at national debt. At some point, taxes have to go up to cover debt, shortfalls in Social Security, etc.

Is it better to buy mutual funds or ETFs instead of individual stocks?

We agree with this one wholeheartedly. We like ETFs or mutual funds over individual stocks. Owning a pool of stocks puts a person in a much better position.

On today’s show, we’re also talking about Social Security and when you should take it. Listen to more of our conversation in the podcast or use the timestamps below to jump to a specific section.

Use the timestamps below to jump to a specific section. 

[3:12] – Mortgage

[6:18] – Life insurance

[10:24] – Taxes

[14:38] – Mutual funds

[16:51] – Social Security

[20:38] – Mailbag: Unused vacation and sick leave

Thanks for checking out this episode. We’ll talk to you again soon.

 

“I’ve always been a huge proponent of paying off that mortgage first, but now things have kind of changed.”

-Scott Sierens