Pay Down the Mortgage or Buy Long Term Care Insurance? - 322

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 20 April 2021

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

Fielding emails on a wide range of personal finance topics: ex-spouse Social Security benefits, paying the mortgage or buying long-term care insurance, how the FIRE community uses the Roth conversion ladder, tax rules for sole proprietors hiring minors, using excess 529 plan education savings, paying taxes or paying back a Coronavirus Related Distribution, and when to file form 8606 to report IRA contributions. Access the transcript and financial resources, ask your money questions: https://bit.ly/YMYW-322

Transcript

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0:00.0	Today on the smorgas board that is Your Money, Your Wealth podcast number 32,
0:05.3	Joe and Big Al field questions from across the personal finance spectrum.
0:09.8	Should Sharon in Waukesha take the ex-spousal Social Security benefits?
0:14.4	Should Christine and San Diego pay her mortgage or by long-term care insurance?
0:19.0	What does Steve, a sole proprietor in Vista, California,
0:22.3	need to know about the tax rules around putting his minor child to work for him? How should Jake
0:27.7	in Bolivia use the excess 529 plant education savings he's racked up for his kids? Stephen Davis
0:34.3	needs suggestions for the coronavirus-related distribution he took last year,
0:38.7	and Paul in Floyd's Knob's Indiana wants to know when to file form 8606.
0:44.5	Also, an email from Marcos about Roth Conversion Ladders gets Joe a bit worked up.
0:49.7	Imagine that.
0:51.1	I'm producer Andy Last, and here are the hosts of Your Money, Your Wealth, Joe Anderson, CFP, and Big Al Clopine CPA.
0:59.0	We got Sharon writes in from Waukesha.
1:04.2	Boy, I wouldn't have trouble.
1:05.5	I don't think that's what Kisha.
1:06.8	That's Waukesha.
1:08.0	That's Wisconsin.
1:09.4	That's Wisconsin, yep.
1:10.5	Yeah, Waukesha. Okay. I'll go with that.
1:13.7	See? Give me some Wisconsin. I have, so I can nail it. I have no estimate of that.
1:18.3	I think Vand is in Washington. It's Oregon. It's close. Yeah. So, okay, I, Joe, now. I drive a
1:27.2	2,0006 Honda Odyssey approaching 300,000 miles very soon. Oh, my goodness. Good job, Sharon. Although the pace to that number has slowed with COVID. I'm divorced, was married to my ex-for over 10 years. My question is on the ex-spousal Social Security benefit. My ex-made about 50%
	...

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