Focus on this debt for a better retirement

Advisors


If possible, try not to let your mortgage payments follow you into retirement, said financial advisor Winnie Sun.

“When you have a mortgage, you really want to focus on paying it down,” said Sun, founder of Sun Group Wealth Partners. “There’s a lot of benefits to this.”

Fewer payments, of course, will leave you with more money in your retirement. Since many people live on a fixed income after their working years, the fewer bills, the better, Sun explained.

More from Straight Talk:
How to simplify your financial life … with two sheets of paper
Roth conversion in high-taxed states is a very bad idea
So the Fed raised rates. What’s the next step for investors?

If you can be mortgage-free, your retirement will also be more secure, Sun said, adding, “You’ll have a true asset” for expenses such as long-term care insurance.

Sun recommended you “up your payment just ever so slightly,” by 10 percent, 5 percent, 1 percent — however much you can afford.



Source link

Products You May Like

Articles You May Like

In a search for fixed income, advisors look past mainstream bond funds
College applicants from families in the 1 percent have an edge
Lyft gets its first buy recommendation and it’s not even public yet
Failed Alzheimer’s trial leaves families and patients heartbroken
How Alibaba-backed e-commerce unicorn Tokopedia will grow its business

Leave a Reply

Your email address will not be published. Required fields are marked *