ABOUT HOSTS

Joe Anderson
ABOUT Joseph

As President of Pure Financial Advisors, Joe Anderson has led the company to achieve over $2 billion in assets under management and has grown their client base to over 2,160 in just ten years of the firm opening. When Joe began working with Pure Financial in 2008, they had almost no clients, negative revenue and no [...]

Alan Clopine
ABOUT Alan

Alan Clopine is the CEO & CFO of Pure Financial Advisors. As CEO he currently leads Pure Financial Advisors along with our executive team. As CFO he is responsible for the financial operations of the company. Alan joined the firm about one year after it was established. At that time the company had less than [...]

Published On
August 8, 2015

Should you consider a reverse mortgage? In this second hour of the podcast, Joe and Al explain what a reverse mortgage is and why it’s growing in popularity as baby boomers age. Also discussed in this second hour: eight slow and difficult steps to becoming a millionaire, the 10 worst states to retire in, the best U.S. cities to live in and the Social Security cost of living adjustment.


1:15 “Shift your perspective; seek money not as a primary goal but as a byproduct of doing the right thing”

4:48 “Consistently track your progress…build routines that ensure progress”

8:37 “I think the most successful people in this country have figured out a way to execute something, and first, before you can execute, you have to get a plan in place”

10:58 “Selecting a place to retire requires more than just looking at an area’s taxes, because there are things such as education level, the state’s population, number of physicians, dentists, weather, quality of life, crime rates, employment and those sorts of things”

11:21 “According to the [LPL Financial] study, number ten is South Carolina”

12:17 “Number eight—and I would expect this—is Hawaii…Hawaii’s biggest failings for potential retirees are finances and high housing costs”

15:49 “San Diego ranked as number six [on list of best cities to live] out of about 66 cities”

18:05 “We have no control over what the Social Security Administration does, but we do have control over taxes”

20:15 “I think the number one mistake people make is not having a tax-efficient retirement distribution strategy”

22:58 “Another mistake is taking Social Security a little too early; you want to make sure you strategize and figure out exactly what your income is, because if you hold off you can get a little bit of an increase”

25:02 “If you could take less risk in your portfolio, you have a much greater probability of meeting your goals”

26:23 “Be careful where you’re getting your advice from because your friends and family definitely have your best interest at heart, but they probably don’t understand or know everything you need to do given your individual situation”

30:13 “Unlike traditional mortgage which require a monthly payment to pay off principal and interest, reverse mortgages tap the equity in your primary residence to provide you a monthly payment or lump sum. You can take out a reverse mortgage on a home you’ve been living in for a long while or one you’re buying”

30:43 “Reverse mortgages are relatively newcomers to the home finance world”

31:20 “[Reverse mortgages] are expected to grow in popularity as baby boomers age”

32:00 “What a reverse mortgage is in real simple terms—you can take income from your primary residence or a lump sum and you don’t necessarily have to have any cash flow layout”

38:23 “If you want to know how to legally pay fewer taxes in retirement, it’s not by simply filling out taxes with your CPA, it’s by having a forward-looking tax strategy that can save you thousands of dollars or more”

 

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