Today's Hack

Do you believe you need to be completely debt free to retire successfully? Or are you comfortable carrying some balances beyond your working years? Having a strategy for managing your debt along with the amount of cash you possess are two key pieces to a successful retirement.

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Show Notes For This Episode

Today’s Hack:

Do you believe you need to be completely debt free to retire successfully? Or are you comfortable carrying some balances beyond your working years? Having a strategy for managing your debt along with the amount of cash you possess are two key pieces to a successful retirement.

Click the timestamps below to jump ahead in the episode…

Other Retirement Facts:

The goal for all of us to completely shed our debt and have nothing holding us back in retirement, but the reality is many of us are still carrying some amount of debt when we’re ready to stop working.

So is this going to be a problem?

That’s what we want to try to answer on today’s episode of Phil’s Tax Hacks. More and more of our clients still possess a mortgage when they retire and debt isn’t necessarily a bad thing if you’ve built a plan to manage that. We do that all the time in our offices and we’ll talk about that process on this show. Using a three-bucket structure, Phil Putney will help you understand his process when sorting out the money you’ll need for retirement.

And what about cash? Having money seems like it’s guaranteed positive, but if you don’t manage your cash correctly – like debt – it can actually hurt your finances. As the popular expression suggests, you’ll end up going broke safely.

Come and join us for an important show that tackles two key areas of your retirement plan. Get these things straightened out and in line with the rest of your plan and you’ll be on track and confident in your future.

Check out the entire episode in the audio player above or click on the timestamps below to learn how to address some of these awkward financial conversations.

0:42 – It’s that time of the year for brutal weather.

3:01 – We’re talking about cash and debt and how they can get us into a retirement predicament.

3:30 – We all love cash but is too much of it a bad thing?

4:19 – What are the best uses for cash? Phil uses a three bucket structure.

5:57 – With cash you give up growth because inflation.

6:56 – How much cash to you recommend someone having?

8:11 – What about people that are comfortable having a lot of cash?

9:35 – How many months should your emergency fund cover?

12:51 – Do you need to be debt free when you retire?

16:15 – Is debt management a part of the plan when we work with clients?

19:58 – Mailbag Question: I have about $50K in cash value in an old life insurance policy. I don’t really need the insurance anymore. Should I cash it out and invest the money some place else?

A Quotable Moment:

 

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