Move to Cash, Retirement Travel Spending, Real Estate & Taxes, Mortgage Tax Deduction – Mailbag Episode

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Show Notes

We’re back with another mailbag episode today! Join us as we tackle a range of topics- from navigating investments during significant life changes to figuring out a retirement travel spending amount, this episode covers a lot of ground. Scott is here to answer your questions, so stick around to see what you can learn.

Carol asks if she should temporarily park her money in cash because of major life changes that could impact the way she is invested. Andy explains that he’s been paying extra on his mortgage to pay it off before retirement but wonders if he should slow down for tax deduction purposes. Tune in for these answers and more in today’s show!

Here’s what we’ll tackle in today’s show:

  • I have a lot of major life changes occurring in the next six months that I think will affect how I should be invested. Should I just park my money in cash until life settles down?
  • How much is a reasonable amount to spend on travel in retirement?
  • My mom died two years ago, and my three sisters and I inherited her house. I’ve always wanted to sell it, but they’re worried about the tax implications of selling the house. How do I explain that it won’t hurt us from a tax perspective?
  • I’ve been told that I need to make sure I have a mortgage when I retire because that will be the only tax deduction I’ll have at that point. I’ve been paying extra for my house to have it paid off by the time I retire. But maybe I should slow down on that plan?

Thanks for checking out this episode of the podcast. If you’d like to learn more about financial and retirement planning, check out our YouTube channel here.