Join us as we dive into the mailbag. This week, we’ll feature your email questions on pension buy-outs, commercial real estate, and divorce.
(Click the featured times below to jump forward in the episode)
[00:52] – Selling Commercial Real Estate.
- Tim owns a dental practice, and he’s preparing to retire. He owns his own building, and he wants to know whether to sell. As a business owner, you really own two assets. Technically, you own the business, and then you own the building as well. Consider selling one or both of those assets to generate an income stream in retirement.
[3:11] – Pension Buy-Outs.
- Harvey says his company will be eliminating pensions. While they’re not forcing him to retire, they’re going to give him a buy-out instead. He wants to know whether to continue working, and in reality, it really depends on what Harvey wants to do. In these scenarios, you need to think through whether you’d like to continue working and whether you like your company. If you’re burned out, there might be some other job you can take to semi-retire and replace some of the income.
[5:12] – Pension Buy-Outs Give You Control.
- If you take that pension buy-out, you can roll it into an IRA. Doing so leaves you with more control of your money and enables it to continue growing.
[6:48] – Dealing With Divorce.
- Vicki is most likely getting divorced. She’s already retired, and her husband will be retiring soon. She wants to know how her retirement will be affected. This scenario is difficult to predict. It depends upon how the money is split and how many assets Vicki and her husband each have. Sadly, divorce court can get nasty, so it’s important to work with a good lawyer as you go through the process.
Check out some other recent episodes
Inside of a mutual funds, the actions of others can impact you. If a lot of people are trying to sell that mutual fund, the manager has to sell some stuff to meet the redemptions and that can negatively impact you.Read More
Some may think that retiring early is just a dream, but can you turn this dream into a reality? In this episode, Eric talks about the ins and outs of taking an early retirement. Find out when you can retire and whether you will actually want to stay retired.Read More
As you near the final months or years before taking the plunge into retirement, there are always a few details to work out and questions to ask. Eric answers a few questions from the mailbag about pensions, paying taxes in retirement, and deciding when to walk away from a retention bonus and just retire already.Read More
Some things are just out of your hands. In retirement planning there are a lot of things completely out of your control, but if you re-frame your thinking, there is actually something you can do about them. Eric talks through these four areas where you have an opportunity to prepare for the unpredictable.Read More