Should I Take My Pension in Full or in Payments?

Ramsey Everyday Millionaires

Ramsey Network

Careers, Investing, Business

4.6 • 3.6K Ratings

🗓️ 6 April 2022

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Rachel Cruze, John Delony, and George Kamel.

Transcript

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0:00.0	You're listening to Ramsey everyday millionaires, where we talk retirement, building wealth,
0:10.5	and outrageous generosity.
0:12.1	We're going to start with Jean in Denver.
0:15.4	Hey Jean, welcome to the Ramsey show.
0:19.6	Just retired from my job, I'm collecting a pension of about $5,300, but it has a condition
0:26.0	where I could take less 25% left and keep that for my wife should I pass and that would
0:32.4	be about $3,900.
0:33.4	And the advice of a kind of universal life policy with a long-term care writer to save
0:41.1	that $1,300 to pay for the insurance, do you think that's why I've got a paid-for house?
0:47.7	I don't have any debt, I'm debt-free, then I've got about $750,000 in my savings IRA.
0:54.2	I missed you kind of cut out when you said where that horrible advice came from.
0:58.0	You're going to fund my financial address.
1:02.2	Oh, you need a new one, you have an insurance salesman.
1:05.6	Right.
1:06.6	Yeah, he's not a financial advisor, he's an insurance salesman because he's selling
1:11.3	a whole life.
1:12.3	No one else sells that crap except people that are in the insurance business.
1:15.8	So now if you want to buy some insurance, what's your net worth?
1:20.5	It's 1.1 million.
1:24.4	And how much of that is the house?
1:27.4	About $400,000.
1:28.4	Okay.
	...

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