Appearances
Money 911: Early Retirement, IRS Debt & More on Today
Posted by Jean
Today’s panel looks at ways to reduce debt and plan for a lengthy retirement. What’s the best way to lower student loan payments? How do you handle a large debt to the IRS? What should you do if you are upside down on your mortgage? For answers to these questions and more watch the video clip below.
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COMMENTS | 3 comments so far
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I have become a big fan of your segment on Today. My question is very similar to the woman who called about refinancing her underwater mortgage. Why is that banks will not do a thing for people who are not deliquent, who do not have debt? I feel like I am being punished for being “good.”
My question is similar to the woman in Michigan. I retired 7 years ago and accepted a pension buy out. My husband will be retiring in 5 years. We owe approximately $47K on our mortgage. Would it be worthwhile to take out a home equity line of credit to convert some of our IRA savings to a Roth this year? My thought is that we can pay off the line of credit before he retires so that when we need the IRA money we will not have to worry about the taxes. Does that sound like a good plan?
My wife & I are looking to retire in 4 yrs. We currently have 15 yr mortgage @ 4.5% that we just took out this year. We owe 137k, our P&I is $1071/month. My question is, since interest rates have dropped, should I look into refinancing for a second time this year? And if I do refinance again, should I consider going back to a 30 yr loan? If I go to a 30 yr loan @3.875%, I would reduce my monthly P&I to $660 which would create a $400 monthly savings which I could invest for our retirement. What I don’t know is, does it really matter whether I own my home or if the bank owns my home?