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
Sometimes, it’s hard to make financial sacrifices when the reward seems so far away. However, delayed gratification can be extremely beneficial when it comes to your finances. Eric talks about four situations when people may be tempted to choose instant gratification over a better long-term pay out.Read More
Everyone loves a good game show, whether it’s The Price Is Right, Jeopardy, or Who Wants To Be A Millionaire? It’s fun to play along, but remember, they’re just a game. Today we’ll talk about game shows and how they relate to your retirement planning process. Ready to play?Read More
On game day, it’s fun to wear your jersey and show some team spirit. What you might not realize are the three ways your financial planning process is similar to a jersey. Consider the names, numbers, and symbols on a jersey. How might they be similar to the names, numbers, and symbols on your financial statements?Read More
What’s your excuse for doing one thing over another when it comes to finances? Sometimes you want to justify your actions instead of thinking through what is actually best for you and your money. Here are three common decisions people make and why the excuses just don’t add up.Read More
What does your March Madness bracket have to do with financial planning? More than you might think!Read More
You’ve heard your parents discussing how difficult things used to be. We’ve all heard the adage about walking uphill both ways in the snow to get to school. However, reality suggests retirement planning actually used to be easier than it is today. Find out why.Read More