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Show Notes
Do you believe you need to be completely debt free to retire successfully? Or are you comfortable carrying some balances beyond your working years? Having a strategy for managing your debt along with the amount of cash you possess are two key pieces to a successful retirement.
Show notes and additional resources: https://philstaxhacks.com/podcast/ep-24-managing-cash-debt-in-retirement/
Today's rundown:
0:42 – It’s that time of the year for brutal weather.
3:01 – We’re talking about cash and debt and how they can get us into a retirement predicament.
3:30 – We all love cash but is too much of it a bad thing?
4:19 – What are the best uses for cash? Phil uses a three bucket structure.
5:57 – With cash you give up growth because inflation.
6:56 – How much cash to you recommend someone having?
8:11 – What about people that are comfortable having a lot of cash?
9:35 – How many months should your emergency fund cover?
12:51 – Do you need to be debt free when you retire?
16:15 – Is debt management a part of the plan when we work with clients?
19:58 – Mailbag Question: I have about $50K in cash value in an old life insurance policy. I don’t really need the insurance anymore. Should I cash it out and invest the money some place else?