Cortburg Speaks Retirement
Tune in every Wednesday to "Cortburg Speaks Retirement," your go-to podcast for the latest insights on investing, financial planning, and retirement strategies!
Join Certified Retirement Counselor, Miguel Gonzalez, as he delves into timely investment topics, offers expert advice on money management, and addresses common concerns about navigating the stock market.
Cortburg Speaks Retirement
Should You Pay Off Your Mortgage Before Retirement?
Is paying off your mortgage before retirement the right move? In this episode, Miguel Gonzalez, CRC, breaks down the key pros, cons, and strategies to help you make an informed decision.
Cortburg Retirement Advisors is a boutique financial planning firm committed to helping you grow, protect, and preserve your assets from your first job to retirement. We specialize in wealth management, estate and tax planning, group retirement, employee benefits, insurance, and retirement planning to navigate any economic climate.
Miguel Gonzalez, a Retirement Specialist with 20+ years of experience, offers expertise in retirement income planning, investment management, and retirement plan design. With an MBA from Columbia Business School, and professional experience with JP Morgan Chase, Merrill Lynch, and more, Miguel is a trusted advisor for his clients.
Welcome to Cortburg Speaks Retirement Podcast
with Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®
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Welcome to Cortburg Speaks Retirement
An audio podcast about investing in the stock market, financial planning, money management and retirement planning. Each Wednesday, we help investors at all stages of life learn how to potentially grow and preserve their money from first job through retirement.
Now here is your host, Miguel Gonzalez.
Good morning and welcome to the CORTBURG SPEAKS RETIREMENT audio podcast.
This week, let’s talk about a popular retirement question: Should you pay off your mortgage before you retire?
It’s a big decision—and the right answer depends on your situation. Let’s look at the pros and cons.
- The Case for Paying It Off Retiring debt-free offers peace of mind. Eliminating your monthly mortgage can reduce stress and increase flexibility in your retirement budget. It can also lower the amount of income you need from your portfolio—especially important during market downturns.
- The Case for Keeping It If your mortgage interest rate is low—and your investments are earning more—it may make sense to keep the mortgage and invest your cash elsewhere. This strategy can improve long-term returns, but it requires discipline and a higher risk tolerance.
- Consider Tax Implications Mortgage interest is deductible if you itemize, but fewer people do today with the higher standard deduction. Paying off your mortgage may reduce deductions but simplify your tax life. It’s worth running the numbers with a financial professional.
- Liquidity Matters Paying off your home ties up cash in an illiquid asset. If you don’t have enough in savings, you may struggle to cover emergencies or rising health care costs. Make sure you keep a comfortable cash cushion.
- Blend the Approaches Some retirees split the difference—making extra payments before retirement or using a lump sum to reduce the balance while keeping some cash invested. There’s no one-size-fits-all approach.
In Closing Whether to pay off your mortgage depends on your cash flow, risk tolerance, investment performance, and lifestyle goals. A financial advisor can help you weigh the trade-offs and run personalized scenarios.
This is Miguel Gonzalez, Certified Retirement Counselor (CRC) and Managing Partner, with Cortburg Retirement Advisors signing off for this week’s educational podcast.
DISCLOSURES
CRC conferred by The International Foundation for Retirement Education. Securities offered through LPL Financial. Member FINRA/SIPC.
Investment advice offered through Private Advisor Group, LLC, a registered investment advisor. Private Advisor Group, LLC and Cortburg Retirement Advisors, Inc. are separate entities from LPL Financial.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
Cortburg Retirement Advisors, LLC. and LPL Financial do not provide legal advice or tax services. Please consult your legal advisor or tax advisor regarding your specific situation.
