Mailbag: Pensions, Vacation Homes, and More

Today’s Prep:

Have a question for Eric? As a retirement planner, he answers questions like this all day. We tackle three questions today about pensions, vacation homes, and having multiple brokers.

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

Equipping Points:

Wondering what to do about your pension? Or if you should invest in a vacation home? On today’s show, Eric answers three questions from listeners making different decisions in retirement to ensure that they are retirement-read.

Grace in Fort Dodge wants to know if she should join her three adult children in buying a vacation home. Is that a good idea given current high real estate prices? Eric says the bigger concern isn’t the real estate prices being high so much as what the agreement is between you and the kids. What happens to your share after you pass? Who cares for the vacation home when it needs maintenance?

Cal is Stuart has a pension from a previous job in a different state. Should he take the lump sum or leave it there and get a monthly pension when he retires? Some people love having a monthly income from a pension that is guaranteed. Others prefer having the lump sum to invest it the way they want to. Both options are valid, it just depends on what your needs and wants are.

Angelina in Des Moines has had half of her money with one broker and half of it with someone else. At first it seemed like a good idea to get advice from two different people but now it’s causing confusion. Would it be better to have it all in one place? It’s better to have one central plan and one person. Are you working with someone who is creating a strategic plan for you? Retirement planning is different from financial advising, so make sure you are working with the right professional to meet your needs and provide you with a valuable service.

Listen to the entire episode or skip ahead using the timestamps below.

[0:46] “Should I buy a vacation home with my adult children?”

[4:46] “Should I take the lump sum or monthly pension?”

[9:02] “Should all my money be with one broker or financial planner?”

Today’s Takeaway:

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

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