If you’re retired and thinking about paying cash for your next car, you may want to reconsider before writing that check. Paying cash might feel like the financially responsible choice—no monthly payment, no interest, and no debt. But depending on where that money comes from, paying cash could actually cost you significantly more than you realize. In this video, Colin Exelby, CFP® explains why retirees should think twice before automatically paying cash for a vehicle, how financing can sometimes work in your favor, and why the account you use to fund a major purchase can have a big impact on your retirement. We’ll cover how to negotiate the actual price of the vehicle instead of the monthly payment, when low-interest financing could make sense, and why pulling $50,000 from a traditional IRA could potentially create additional taxes, affect Social Security taxation, and even increase future Medicare premiums. The question isn’t simply, “Can I afford this car?” The better question is: Which money should I use to pay for it? Before making your next major purchase in retirement, make sure you understand how it fits into your overall retirement income and tax strategy. #Retirement #RetirementPlanning #RetirementIncome #RetirementTaxes #FinancialPlanning #CarBuying #IRA #SocialSecurity #Medicare #retirementtips 00:00-Intro 00:46-Don't Tell The Dealer You're Paying Cash 02:05-Negotiate the Car: Not The Payment 03:30-Sometime Financing Makes the Car Cheaper 05:00-The $50,000 Car Can Turn Into a $70,000 Car 06:51-This is Where Retirement Planning Changes the Answer 09:31-How I'd Actually Buy the Car 10:43-When Cash is Still the Right Answer Colin Exelby, CFP® is a CERTIFIED FINANCIAL PLANNER™ Professional, founder of Celestial Wealth Management, and creator of See the Forest Through the Trees (STFTTT), an educational platform focused on retirement planning, retirement tax strategies, Social Security analysis, Roth conversions, and financial planning for retirees and business owners. This channel focuses on helping retirees, pre-retirees, and business owners make smarter financial decisions through tax-aware planning, long-term thinking, and real-world retirement strategies. Topics covered regularly include: • Social Security claiming strategies • How Social Security is taxed • Roth conversion timing • Retirement withdrawal strategies • Tax-efficient retirement income • IRMAA and Medicare premiums • Retirement mistakes to avoid • Survivor planning strategies • Retirement planning for business owners No fear-based financial media. No hype. Just clear explanations and practical retirement planning frameworks. ➡️ ➡️Free Retirement and Financial Planning Resources Here: https://celestialwm.com/ptpebook-go/ ⬅️⬅️ ⭐Support the Channel by Becoming a Community Member⭐ 👇https://www.youtube.com/channel/UC13s0hQVkEv-azgzhOe8QXA/join Affiliate Link Disclaimer: I only recommend products I would use myself and all opinions expressed here are our own. This post may contain affiliate links that at no additional cost to you, I may earn a small commission. Read full privacy policy at celestialwm.com. Celestial Wealth Management LLC receives compensation from YouTube for the presence of advertising before, after, and during this video content. Celestial Wealth Management LLC does not control the content or presence of any advertisements. The presence of any advertisement does not constitute an endorsement of the ad, company, entity, or product by Celestial Wealth Management LLC. DISCLOSURES Celestial Wealth Management, LLC is registered as an investment adviser in the State of Maryland and Texas. Neither the information nor any opinion constitutes an offer or an invitation to make an offer, to buy or sell any securities or other financial instruments. This video is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment and planning strategies discussed in this video and should understand that statements regarding future prospects may not be realized. Nothing provided here constitutes tax advice. Individuals should seek the advice of their own tax advisor for specific information regarding tax consequences of investments. Investments in securities entail risk and are not suitable for all investors. This is not a recommendation nor an offer to sell (or solicitation of an offer to buy) securities in the United States or in any other jurisdiction. All investment strategies have the potential for profit or loss.
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