In this second hour, Joe and Al cover the five steps for achieving financial independence. Should you pay off your home in full or keep the mortgage? What sources of income should you look at in retirement? Tune in for the formulas and answers that can change your life forever.
6:50 “Financially speaking, it makes sense to keep the mortgage; emotionally speaking, it makes sense to pay it off”
14:39 “There are ways to cut back, so that you can have the type of retirement lifestyle that you want”
16:56 “I don’t think there’s one person in the whole US who understands the tax code from A to Z”
21:30 “When you look at retirement planning, and overall investment within your retirement plan, you have to understand that your portfolio should be situated where you’re taking the least amount of risk possible to get a target rate of return to accomplish your goals”
27:41 “They’re going to the investment portfolios with the highest returns, but they don’t understand that the ones with the highest returns are also going to be the most volatile”
37:18 “What we’re finding is that retirees continually are wanting to live where they raised their kids, where their careers were, where they feel there is a sense of community”
41:40 “The truth is you have more control over the taxes you pay in retirement than any other time in your life”