Ask Terry Questions Retiring with Paid-off Mortgage?

Retiring with Paid-off Mortgage?

By Terry Savage on October 17, 2014 | Financial Planning / Retirement

My financial advisor tells me my retirement is “bullet proof” with three years income in cash, a $70,000 pension, and a portfolio valued at $650,000 along with LTC insurance, no mortgage, nor consumer debt. He is encouraging me to refinance my home to “free up” some investment moneys. I always thought the standard was to enter retirement with no debt. I questioned him about that, he said that it applies to most people but not me because I live below my means. Is this something I should consider doing?

Terry Says:   Find a new financial advisor!  You’ve done very well without him/her!  “Freeing up some cash” is the only way he/she can earn commissions on the money you have!!

Enjoy your retirement, and your peace of mind.  Enjoy your paid-up home.  Make sure you have a current will/revocable living trust.   Maybe your financial advisor will learn the long-term benefits of “living below your means”!!!  Congratulations.  Terry



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