Baltimore Washington Financial Advisors Podcasts copertina

Baltimore Washington Financial Advisors Podcasts

Baltimore Washington Financial Advisors Podcasts

Di: BWFA
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Economia Finanza personale
Episodi
  • Can You Afford to Give Money to Your Kids in Retirement?

    Can You Afford to Give Money to Your Kids in Retirement?
    Oct 21 2026
    RETIREMENT DECISIONS THAT ARE HARDER THAN THEY LOOK CAN YOU AFFORD TO GIVE MONEY TO YOUR KIDS IN RETIREMENT? WATCH ON YOUTUBE Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager Tessa Hall Media and Communications Specialist About This Episode Can you afford to give money to your kids in retirement without putting your own financial security at risk? Helping children or other loved ones can be meaningful, but retirement gifts should be considered alongside your spending needs, taxes, and long-term financial plan. In Episode 5 of Retirement Decisions That Are Harder Than They Look, Tessa Hall speaks with Sandy Hornor, CEPS, Managing Director, Wealth Management & Executive Manager at BWFA, about how retirees can evaluate financial gifts to their children. They discuss why generosity should be incorporated into a retirement budget, how a financial plan can help determine what you can realistically afford to give, and why timing can matter. Sandy also explains how withdrawals from retirement accounts may create tax consequences and why giving money now is not always the most financially efficient way to help your family Discover how BWFA can help you evaluate family gifting as part of your broader Financial Planning strategy. Frequently Asked Questions About Giving Money to Your Kids in Retirement How do you know how much you can afford to give your kids in retirement? A financial plan can help determine how much you may be able to give without jeopardizing your own retirement security. Sandy explains that gifting should be evaluated just like travel, housing, or any other retirement expense. Your available assets, income needs, expected spending, and long-term goals should all be considered together. The goal is not simply to decide how generous you want to be. It is to determine whether that generosity remains sustainable throughout your retirement. Can giving money to your kids hurt your retirement plan? Yes, if the gifts stretch your finances too far. Sandy cautions that retirees should not give away assets today if doing so could leave them financially dependent on their children later in life. Before you give money to your kids in retirement, consider how the gift affects your future income needs, healthcare expenses, longevity, and overall retirement budget. Should gifting to your children be part of your retirement budget? Yes. If helping children or other family members is important to you, the gifts should be incorporated into the financial plan alongside other retirement goals. Sandy compares gifting with expenses such as travel or a vacation home. The question is not whether you are allowed to spend the money, but whether your available resources can support the gift while still funding the retirement you want. Can taxes affect whether you should give money now or later? They can. The source of the gift may matter, especially when money is withdrawn from tax-deferred retirement accounts. In Sandy’s example, a retiree wanted to give money to financially secure adult children but would have needed to take additional withdrawals from a traditional IRA. Those withdrawals could increase taxable income and potentially affect Medicare costs. The family ultimately considered whether preserving the assets for a later inheritance better aligned with the retiree’s priorities. Is it better to give your children money now or leave an inheritance later? There is no universal answer. Some families may value helping children today, particularly if the money supports an immediate need. Others may find that preserving assets for later is more efficient or better aligned with the parents’ retirement plan. Sandy’s broader point is to evaluate the family’s priorities, the children’s needs, the parents’ financial security, and the cost of each option before deciding. More from the Retirement Decisions That Are Harder Than They Look Series Episode 1: How Do You Know When You Have Enough to Retire? Episode 2: How Much Should You Plan to Spend in Retirement? Episode 3: How Should You Withdraw Money in Retirement? Episode 4: Should You Pay Off Your Mortgage Before Retirement? Episode 5: Can You Afford to Give Money to Your Kids in Retirement?
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    9 min
  • Should You Pay Off Your Mortgage Before Retirement?

    Should You Pay Off Your Mortgage Before Retirement?
    Oct 12 2026
    RETIREMENT DECISIONS THAT ARE HARDER THAN THEY LOOK SHOULD YOU PAY OFF YOUR MORTGAGE BEFORE RETIREMENT? WATCH ON YOUTUBE Sandy Hornor | CEPS Managing Director, Wealth Management & Executive Manager Tessa Hall Media and Communications Specialist About This Episode Should you pay off your mortgage before retirement? Eliminating a major monthly payment can provide peace of mind, but paying off your mortgage is not automatically the best financial decision. In Episode 4 of Retirement Decisions That Are Harder Than They Look, Tessa Hall speaks with Sandy Hornor, CEPS, Managing Director, Wealth Management & Executive Manager at BWFA, about what retirees should consider before using savings or investments to eliminate mortgage debt. They discuss why the decision to pay off your mortgage before retirement should be considered more than the emotional appeal of being debt-free. Your mortgage interest rate, available assets, potential tax considerations, and the opportunity cost of using money to pay down debt can all affect the calculation. Sandy also explains why the right answer can vary from person to person and why running the numbers can help you understand what that peace of mind may actually cost. Discover how BWFA can help you evaluate retirement decisions as part of your broader Financial Planning strategy. Frequently Asked Questions About Paying Off Your Mortgage Before Retirement Should you pay off your mortgage before retirement? Not necessarily. Paying off your mortgage before retirement may make sense in some situations, but Sandy cautions against assuming it is something every retiree is supposed to do. The decision should consider your mortgage rate, available assets, other financial goals and how paying off the loan would affect the rest of your retirement plan. For some people, eliminating the payment provides meaningful peace of mind. Others may find that keeping the mortgage leaves them in a stronger overall financial position. The important step is understanding the tradeoff before making the decision. Can paying off your mortgage before retirement cost you money? It can. Paying off a mortgage often requires using cash or selling investments that could otherwise remain available for other goals. Sandy explains that retirees should compare the cost of the mortgage with what they may be giving up by using those assets to eliminate the debt. That does not mean investment returns are guaranteed or that keeping a mortgage is always preferable. Rather, the mortgage should be evaluated alongside your investments, taxes, liquidity needs, and overall retirement strategy. Does your mortgage interest rate matter when deciding whether to pay it off? Yes. The interest rate can be an important part of determining whether paying off a mortgage makes financial sense. A relatively low-rate mortgage may lead to a different decision than a loan carrying a substantially higher interest rate. Sandy notes that changing the mortgage-rate environment can affect the calculation. The goal is to compare the economics of maintaining the debt with the alternatives available for the money you would use to pay it off. Is peace of mind a good reason to pay off your mortgage? Peace of mind can absolutely be part of the decision, but it should be an informed choice. Some retirees simply do not want a mortgage payment after their employment income ends. Sandy acknowledges that preference while encouraging people to understand the financial consequences before acting. If becoming mortgage-free makes retirement more comfortable for you, that benefit has value. A financial plan can help show whether achieving that peace of mind creates tradeoffs elsewhere in your plan. What should you consider before paying off your mortgage in retirement? Before you pay off your mortgage before retirement, consider the decision as part of your entire financial picture rather than treating the mortgage as an isolated debt. Consider the interest rate, where the payoff funds would come from, potential tax consequences, your need for liquidity, and what other goals those assets might support. Start by viewing the mortgage as part of your overall financial picture rather than an isolated debt. Sandy’s central recommendation is simple: run the numbers first. Paying off the mortgage should be an intentional financial decision rather than something you do simply because retirement traditionally feels like the time to become debt-free. More from the Retirement Decisions That Are Harder Than They Look Series Episode 1: How Do You Know When You Have Enough to Retire? Episode 2: How Much Should You Plan to Spend in Retirement? Episode 3: How Should You Withdraw Money in Retirement? Episode 4: Should You Pay Off Your Mortgage Before Retirement? Episode 5: Can You Afford to Give Money to Your Kids in Retirement?
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    6 min
  • How Much Should You Plan to Spend in Retirement?

    How Much Should You Plan to Spend in Retirement?
    Sep 28 2026

    RETIREMENT DECISIONS THAT ARE HARDER THAN THEY LOOK
    HOW MUCH SHOULD YOU PLAN
    TO SPEND IN RETIREMENT?


    WATCH ON YOUTUBE

    Sandy Hornor | CEPS
    Managing Director, Wealth Management & Executive Manager

    Tessa Hall
    Media and Communications
    Specialist

    About This Episode

    Will you really spend less after you retire? While some expenses may disappear, retirement can introduce new costs and more opportunities to spend on travel, hobbies, and other experiences.

    In Episode 2 of Retirement Decisions That Are Harder Than They Look, Tessa Hall speaks with Sandy Hornor, CEPS, Managing Director, Wealth Management & Executive Manager at BWFA, about creating a realistic retirement budget. They discuss why spending may remain similar to pre-retirement levels or even increase, particularly during the early years of retirement.

    Sandy also explains how expenses can change throughout retirement and why healthcare, taxes, home modifications, and lifestyle choices should be considered when determining how much income your retirement plan may need to provide.

    Discover how BWFA can help you plan for your financial future by visiting our Financial Planning page.

    Frequently Asked Questions About Spending in Retirement

    Do people spend less in retirement?

    Not necessarily. Sandy explains that many retirees spend roughly as much as they did while working, and some spend more, particularly during the active early years of retirement. Travel, hobbies, and having more free time can all create additional opportunities to spend.

    What expenses may decrease when you retire?

    Some major expenses may decrease or disappear by retirement. Depending on the retiree’s circumstances, these can include college tuition, mortgage payments, and certain work-related expenses. However, lower spending in one category does not necessarily mean total retirement spending will decline.

    What expenses can increase during retirement?

    Travel, healthcare, taxes, and home modifications can increase retirement expenses. Sandy discusses costs such as healthcare premiums, taxes associated with required minimum distributions, and renovations that may make a home more suitable for aging in place.

    How should you budget for retirement expenses?

    A retirement budget should start with realistic spending assumptions rather than automatically assuming expenses will decrease. Sandy recommends considering how spending needs compare with income available from Social Security, pensions, investments, rental property, and other retirement income sources.

    Does spending stay the same throughout retirement?

    No. Retirement spending can change as your lifestyle and needs evolve. Sandy describes retirement in three general stages: “go-go,” “slow-go,” and “no-go.” Early retirement may involve more spending on travel and activities, while later years may involve less discretionary spending but potentially greater healthcare needs.

    More from the Retirement Decisions That Are Harder Than They Look Series

    Episode 1:
    How Do You Know When You Have Enough to Retire?

    Episode 2:
    How Much Should You Plan to Spend in Retirement?

    Episode 3:
    How Should You Withdraw Money in Retirement?

    Episode 4:
    Should You Pay Off Your Mortgage Before Retirement?

    Episode 5:
    Can You Afford to Give Money to Your Kids in Retirement?
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    8 min
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