Karen and her wife are in their 50s, financially independent, and partially retired. They need $150,000 to buy a new home, and they aren’t sure which option is best. Should they take advantage of the CARES Act and pull money from their traditional IRAs? Raid their Roths? Or take out a mortgage?
Ingrid’s mom is retiring this year. To fund her retirement, she’ll sell her property for $1 million. How should she invest this money so that she can live off of it in perpetuity?
Elaine has saved $20,000 in a 529 plan for each of her two kids, but she realizes that they may not attend college. Should she keep the 529 plans, or save money elsewhere?
Amanda is afraid to tap the equity in her home and use it to purchase a rental property. How should she think through whether this move is right for her?
Lisa and her family plan to sell their home and move across the country. They might have the option to pay cash for a home, but they also want to buy an investment property. Should they get a mortgage on their new home or pay cash?
My friend and former financial planner Joe Saul-Sehy joins me to answer your questions on this episode. Enjoy!