Today’s Prep:
Which of these financial opinions are really worth paying attention to? Eric shares ways to reframe and better understand these financial opinions and how they work in your financial plan.
Equipping Points:
Sometimes as a financial advisor, Eric’s job is to tell clients something they might not want to hear. What are some of the unpopular financial opinions people might have that a fiduciary should be able to address given your own unique situation and then be able to give a good recommendation?
Anytime someone dies, there is a financial obligation and a financial hole left behind. If you die younger in life and have a house and kids, there is a bigger financial hole. Life insurance is a tool, not the ultimate tool, but a great tool with benefits. Life insurance in retirement is one of the only asset classes that is still tax-free. This can make it a great way to leave money to people you care about.
Is it better to pay off the house sooner or not? Don’t let the house be the only thing stopping you from retirement. The mortgage will be paid off at some point and it doesn’t change if it’s on a fixed rate. Eric does not recommend pulling the money out of your 401(k) to pay off the house in a lump sum because you have to figure in the taxes. Not to mention, you can’t easily get the money back out of the house.
Annuities are also tools that can be a part of your financial plan, but they aren’t for everyone. There are several types of annuities, so it’s important to determine which one might be right for you. One aspect of an annuity is tax shelter. There may be safety or guaranteed income elements that provide what you want.
Listen to the entire episode or click on the timestamps below to skip ahead to a particular financial opinion.
2:23 – What is the appropriate use of life insurance?
5:25 – Should you pay off the house early?
8:45 – How should you use annuities?
Today’s Takeaway:
“A financial salesperson is going to try to sell you the best stuff that they have. Where a fiduciary is going to take all your measurements and then make recommendations based on what you need.“
-Eric Peterson
Related Resources:
Retirement Planning Rules of Thumb
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