Today’s Prep:

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

Equipping Points:

William in Waukee is 62 and his wife is 58, married with no kids. They wonder why they keep working but don’t feel like they are wanting to retire. Eric says you might have a preconceived notion about what retirement is. Maybe you should consider a work-optional lifestyle. What would it look like to enjoy yourselves and this time? That doesn’t mean you have to stop working, but maybe you work doing what you want to do it. With an age difference, you may have to be strategic about what accounts to draw from, but meeting with a financial advisor can help you discover what your options are.

Sophie in Altoona says her 401(k) has dropped a lot in the last few months, but she’s eligible for a rollover on a portion of that money. Should she consider the rollover to stop the losses? Eric says the reason to rollover is to get something your 401(k) doesn’t have. Remember, it takes awhile to process the rollover and you won’t know the exact date it changes. The timing is something you’ll want to talk through.

Philip in Des Moines says his 87-year-old mom keeps an embarrassing amount of money in the bank. With close to $300,000 in the bank, he is considering asking her for a loan to invest it and do something more with it. Keep in mind, you are viewing that money in a different lens than she has. It’s not your money yet, so be sure to understand her goals with what she’s doing with it.

Listen to the entire episode or skip ahead to a particular question from the mailbag.

[0:46] – What if I don’t know if I’m wanting to retire?

[5:33] – Should I do a rollover to stop the market losses?

[7:50] – Should I move my mom’s money into investments?

Today’s Takeaway: