Today’s Prep:
Do you need as much life insurance as you have? Or should you factor in eventual inheritance money when deciding when to retire? Eric answers three questions from the mailbag in this week’s podcast.
Equipping Points:
Whether you are near retirement or already in it, there are a lot of questions that come up regarding your financial plan. On today’s episode of the podcast, Eric answers three questions from the mailbag.
Anna in Des Moines plans to stay near her mom to help care for her and then later move out of state. The problem is, she hates her job and wants to retire early if she can. Would it be unwise to retire now at 60, even if the money is less than ideal since she will inherit money from her mother? Eric says to make sure your numbers work only on your own assets for now. There are a few different ways to make your goals possible though. Can you work part-time instead of fully retiring? What do you have saved now?
Barry in Waukee has life insurance through his job, a term life policy, and a whole life policy he bought several years ago. Does he really need this much life insurance? Eric asks, what were the reasons you originally bought it? Perhaps to cover a mortgage or kids? Now look at it from another angle. Is this a strategic way to transfer assets from a tax perspective? How does this work into your plan?
Stan from Ames planned to start Social Security this year but never got around to it. Instead, he’s been pulling money from his savings account. Should he continue doing this while he can? Look at it from a tax perspective. Then, consider longevity. What if something happens to you?
Do you have questions for Eric? Be sure to reach out!
Listen to the entire episode of the podcast or click on the individual questions using the timestamps below.
0:46 – Mailbag: Can I retire early and count on inheritance money coming later?
3:59 – Mailbag: Do I need this much life insurance?
6:56 – Mailbag: Should I pull from savings before Social Security in retirement?
Today’s Takeaway:
“Social Security is an important aspect of income coming in. Social Security only passes to a spouse, it doesn’t pass to your family.“
-Eric Peterson
Related Resources:
What Goes Into a Customized Financial Plan?
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