Financial advisor Colin Richards is back with another episode of his podcast to discuss one of the most common questions he gets from pre-retirees - whether they should pay off their mortgage early before retiring.
In this video, Colin walks through the various factors someone needs to consider when deciding whether to pay off their mortgage early or let it continue on its normal payment schedule. He discusses things like interest rates on the mortgage versus potential returns from other investments, the opportunity cost of liquidating investments to pay off the home, and tax benefits from mortgage interest deductions.
Colin also notes the emotional aspect of being debt-free and the potential impact on peace of mind. However, he cautions that the math usually works against paying it off early if the interest rate is low. He emphasizes doing a full financial plan to understand retirement cash flow needs, risks, growth expectations, taxes, healthcare costs, estate goals, and more.
The video concludes with Colin stressing the importance of financial education and planning for retirement. He encourages viewers who want help putting all the pieces together to contact him and his team for a comprehensive financial independence review.
If you watch the video and have questions you’d like to ask personally, here’s a link to set up a quick 15-minute call with Colin’s team.
calendly.com/lordandrichards/...
Website: lordandrichards.com/
Facebook: / lordandrichards
Investment Advisory Services offered through Lord and Richards Wealth Management, LLC, a Registered Investment Adviser.