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