Episode 156: Paying off a Mortgage, Emergency Funds and Surviving Spouse

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Today’s Smart Money Question:

We’ve had many conversations with clients about the subjects we’re talking about today – paying off your mortgage early, emergency funds and how to help a surviving spouse. You’ve probably had similar questions in your own life, so let’s dive into these important topics.

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(Click the featured times below to jump forward in the episode)

Here Are Just A Handful Of Things You’ll Learn:

On today’s episode we’re talking about three important topics – paying off your mortgage early, emergency funds and how to help a surviving spouse.

Some people wonder if they should take a large sum of money out of their retirement account to pay off their mortgage. You can look at the interest rate you’re paying on your mortgage and see what kind of taxes you would pay by taking money out of your retirement. Or, you could consider cash-flowing extra payments on your mortgage.

Paying off your house is a great goal, but you also want to be looking at the overall picture of taxes and interest costs.

We often get questions about whether you really need an emergency fund that sits in a savings account and earns very little interest, or if you should use your home equity line of credit in an emergency.

The answer is: It depends. HELOCs are great instruments to have at your disposal as part of your overall financial planning. It would allow you to not have money sitting in cash, and you could have other money in investments.

But if you need money from a HELOC, how will you pay that money back? You don’t want to tap into your 401k. What would your plan be? Some people have HELOCs and a savings account. That’s a great strategy as well.

Listen to the full episode or use the timestamps below to jump to a specific section.

2:10 – Paying off mortgage

5:23 – Emergency funds

8:38 – Surviving spouse

 

“The reality is that we can all agree that clearly there is a direction to increase taxes.“

-Matt Hausman

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