Graham Nash, Abe Shelley, Joni Mitchell discussed on Retirement Key Radio

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And that's Crosby Stills Nash singing, our house one that Graham Nash wrote about when he and Joni Mitchell live together in the late sixties kind of sweet to think about it that way, but you know, guys, we've always heard that our home is our biggest asset and most people do feel that way. If that's the case if that's true. Should we consider selling our home when we retire? So that we have more money to do something with. Well, sometimes, you know, you know, most of our clients do have their primary homes paid off. And a lot of times our clients will have a second or third home, and they'll have those paid off also or maybe a portion of them paid off. But most of our clients, whether they know it's the financial decision or not kind of have planned to pay their primary house off by the time they retire. And then usually for those of our clients living in the DC metro area, which is almost all of them. They plan to move down south to the Carolinas or Florida. Somewhere warmer somewhere cheaper and get more for their money sell the home here in the area and fully pay off the house down south. Well, again that may not be the right best financial decision. Right. Because you lose control of the money. Even though the house is paid off less tax deductions and so forth, but they like knowing that they won't have a mortgage payment and retirement lately, we've been seeing clients come in and say, a what if instead of paying the whole house often retirement, we took a portion of our cash proceeds and just paid half of the house off or you know, left some mortgage, and one of the ladies that was in most recently here, I said, you know, what I think we're just gonna leave a home mortgage intact that way we can get all the tax deductions while we have this mortgage because it's a fifteen year mortgage. Anyway, you know, why being a rush to pay down a fifteen year mortgage, if you have plenty of income tax deductions, you keep control of your cash, you can invest it. You have control of it. And so that's something that I thought was interesting that I've been seeing more lately is clients. Thinking proactively outside of the box instead of the typical. Yeah, we're going to sell our home here. The area moved down south fully pay off the next house. Because once you do that, it's done forever. The money's in the dirt. And you can't get it back unless you sell that or refinance. So I think we do need to think outside the box a little bit. And just make sure we're making the right decisions kind of just like social security. You know, if someone says, hey, you should only take your benefits at sixty seven or seventy. Well, you can't follow that mass advice right to come in get personalized recommendations. And that's what we would recommend here. Also with housing and retirement. I like how you said that a there's no generic advice that fits in is appropriate for everyone listening about any subject concerning. What it is that you do it's all about retirement, income planning. And that's what that where do I stand plan really clarifies sitting down with Abe Shelley in the team for about an hour or so getting to know each other talking about the lifestyle part of your retirement talking about the financial part as well. And then after you leave. Abe and the team will sit down and do a.

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