Should Siblings Take Out Life Insurance on Parents Before Inheriting $10M? - 487

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

🗓️ 23 July 2024

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

Should Terry and his siblings take out a whole life insurance policy on their parents before they inherit their folks’ $10 million worth of farm land? Is Terry on track for retirement? That’s today on Your Money, Your Wealth® podcast 487 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, should Fred and Wilma use their 401(k) money for living expenses to bridge the gap until they collect Social Security benefits? Should Glen claim his Social Security at age 65 and use it to fully fund his wife’s Roth IRA? When should Bill take his Social Security and should he do Roth conversions? Finally, should Maya include home equity in her retirement savings? Should Jack pay off his mortgage or stash his cash in a brokerage account and refinance his house later? Free financial resources and transcript: https://bit.ly/ymyw-487

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Timestamps:

00:00 - Intro

00:50 - Should I Claim Social Security at 65 to Fully Fund My Wife’s Roth IRA? (Glen, Pittsburgh, PA)

04:18 - Should We Use 401(k) to Bridge the Gap Until Social Security? (Fred & Wilma Flintstone, CA)

09:06 - When Should We Take Social Security and Thoughts on Roth Conversions? (Bill, Shippensburg, PA)

15:45 - Should Siblings Take Out Insurance on Parents Before Inheriting $10M? Are We on Track for Retirement? (Terry, IA)

34:14 - Pay Off the Mortgage or Stash Cash in Brokerage and Refinance Later? (Jack, WA)

42:54 - Should I Include Home Equity in Retirement Savings? (Maya, Seattle)

46:02 - The Derails

Transcript

Click on a timestamp to play from that location

0:00.0	Should Terry and his siblings take out a whole life insurance policy on their parents before they inherit their folks' $10 million worth of farmland?
0:08.3	Is Terry on track for retirement?
0:10.1	That's today on your money, your wealth podcast number 487.
0:13.8	Plus, should Fred and Wilma use their 401K money for living expenses to bridge the gap until they collect social security benefits. Should Glenn
0:22.2	claim his social security at age 65 and use it to fully fund his wife's Rop IRA? When should Bill
0:29.0	take his social security and should he do Roth conversions? Finally, should Maya include home equity
0:35.1	in her retirement savings? Should Jack pay off his mortgage or stash his cash in a brokerage account and refinance his house later?
0:42.6	I'm producer Andy Last and here are the hosts of Your Money, Your Wealth, Joe Anderson, CFP, and Big Al Clopine CPA.
0:49.7	We got Glenn from Pittsburgh, Pennsylvania.
0:53.5	Social Security question on this sounds really exciting.
0:56.4	This is right up your life. Coming right back with Social Security.
1:00.4	Of 65 on June 1st, 2024, my Social Security at 65 will be called $3,000. If I wait until my full retirement age, I will get $3,300.
1:12.1	I could wait the 22 months, but would it be saving savvy to start my Social Security at 65
1:19.5	and dump the money into my wife's Roth to fund it fully?
1:24.8	Okay, well, I enjoy a little Belgium cherry beer. My wife drives a little Ford,
1:31.2	Timberline. I'm looking for a new car as I lose my company car and the company cell phone in
1:36.8	June 1st. Lins from Pittsburgh, aka Steeler Nation. What does he do? So he's like,
1:43.9	all right, well, here, I want to take the money and run.
1:47.1	I'm going to take it and fully fund my Roth's or my wife's Roth.
1:50.8	Yeah.
1:51.9	I don't know. What the hell? Go for it.
1:53.7	Yeah, go for it.
	...

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