Part 6/8:
The conversation inevitably led to a broader examination of risks associated with keeping cash versus holding debt. Brokamp emphasized that individuals with debt may benefit more from using cash to pay off liabilities rather than allowing it to sit in low-yield accounts, suggesting a strategic approach to managing debt and optimizing cash reserves.
Additionally, Brokamp encouraged individuals nearing retirement to consider delaying Social Security benefits and utilizing cash reserves in the short term. This strategy can significantly increase lifetime benefits, given that each year of delay can increase Social Security payouts.