Mailbag: Do I Really Need All of These Life Insurance Policies?

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.

(Click the featured times below to jump forward in the episode)

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?

Mailbag: Should I Withdraw from an Old Annuity?

Grading Your Financial Competency

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Mailbag: Do I Have Too Much in Cash?

November 22, 2022

When people are in retirement or closer to retirement, the accessibility of money goes up. So, what does that mean when you have to take out RMDs? How do you know if you have too much money in the bank? Talking through this with an advisor might help you make the right next steps with your money. We also talk about what mistakes people are prone to make if they try to DIY their retirement planning without a financial advisor.

Read More

Retirement Planning with Mr. Miyagi

November 17, 2022

Eric answers three questions from the mailbag today, all common scenarios that you might one day come across yourself. Find out what he has to say!

Read More

Mailbag: Is It Irresponsible to Retire Early?

November 10, 2022

Eric answers three questions from the mailbag today, all common scenarios that you might one day come across yourself. Find out what he has to say!

Read More

Retirement Red Zone

November 3, 2022

Let’s talk football! As fans of the game, we make some comparisons between football terms and retirement planning. How can you win when it comes to our financial plan? Understanding the strategies ahead of time and having the right team behind you can make all the difference.

Read More

Mailbag: Do I Need To Budget For Retirement?

October 27, 2022

Day-to-day, Eric works with a lot of people as he helps them navigate a variety of financial decisions. But what might seem rare to you could be a more common occurrence to wit-ness in his office. How often does Eric come across scenarios like these? You might be surprised by some of the answers!

Read More

How Often Do These Financial Situations Happen?

October 20, 2022

Day-to-day, Eric works with a lot of people as he helps them navigate a variety of financial decisions. But what might seem rare to you could be a more common occurrence to wit-ness in his office. How often does Eric come across scenarios like these? You might be surprised by some of the answers!

Read More

Mailbag: Should I Get a Prenup?

October 13, 2022

What are the financial implications of getting married later in life? There are a lot of variables that go into this financially speaking. Have you talked through what happens when one of you passes away? Do you or your fiancé have children? Eric and Marc go over what this may look like and also answer two other questions from the mailbag.

Read More

Financial Advice from Seinfeld

October 6, 2022

Ever take financial advice from your favorite TV show? Believe it or not, you might learn something, even from an unlikely source. Inspired by a classic sitcom, today we take some quotes from Seinfeld to apply them to our financial plans.

Read More

Mailbag: Which Investment Should I Withdraw From?

September 29, 2022

Whether you are nearing retirement or wanting to buy a new car, taxes are often a big part of the conversation. Thinking through how and when to withdraw from your investments strategically can make all the difference in what taxes you pay afterwards.

Read More

Investing and Coffee

September 22, 2022

In the fall, a lot of people are ready to cozy up with a coffee or latte in their favorite mug. For fun, we talk about the different types of coffee drinks and what kind of investor that might make them. Do you take your coffee the same style you do your investing? Which one are you?

Read More

Leave a Comment