I get the question a lot – should I pay off my mortgage. The answer is that depends.
If I told you that I had a vehicle that allowed you to pay $10 in interest to save $3 in taxes, would you do it? The answer is probably no. Assuming that you are in a 30% tax bracket to keep the numbers easy, that’s what a mortgage is – and that math doesn’t always go in your favor. Please be sure to consult your tax advisor with regards to the tax strategies discussed in this article.
A lot of retirement planning starts with what I call a back of the envelope calculation. That’s the calculations that you grab an old piece of mail and scribble some rough numbers. While a back of the envelope calculation isn’t enough, it’s a good start.
It seems virtually impossible to keep up with all the changes that are happening daily around the world; I don’t know about you, but I often dread turning on the evening news. That’s why it’s more important than ever to celebrate good changes – and we’ve recently experienced one right here in our office!