4.6 • 2.8K Ratings
🗓️ 9 December 2024
⏱️ 18 minutes
🧾️ Download transcript
"I'm 52 and looking to retire in the next 5ish years. My wife is 61, but I'm the higher earner. What should we think about on when to draw Social Security for each of us?"
We'll walk you through that question and more in today's Q&A episode!
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0:00.0 | All right, this one is from Aaron H. |
0:10.5 | Aaron said, is that two A's. |
0:12.3 | Yes, two A-A-Ran, said, most brokerages provide SIPC insurance up to $500,000. |
0:20.7 | When your account exceeds that, should anything to $500,000. |
0:21.1 | When your account exceeds that, should anything over $500,000 be moved to another brokerage |
0:25.9 | firm? |
0:26.9 | No. |
0:27.9 | Okay, great. |
0:28.9 | Yep. |
0:29.9 | No. |
0:30.9 | Next question. |
0:31.9 | If you would like a 10. |
0:32.9 | I'll let you tell why is the answer? |
0:34.7 | No. |
0:35.7 | So a lot of people have this question because we know that FDIC insurance covers cash deposits, like what you have in a checking account or savings account up to $250,000 for individuals or $500,000 for households or for couples. |
0:50.8 | Well, when it comes to investment assets, not cash assets, there's a different type of coverage that exists. |
0:57.0 | And that's called SIPC coverage. It's different than FDIC, which covers cash. But this now covers brokerage assets if the broker that you were using or the company you're using were to become insolvent. |
1:08.0 | But those limits also go up to 500,000. Well, you can imagine, |
1:11.9 | as you're saving and investing, is you're trying to build to 750,000, a million, two million, |
1:18.3 | $3 million, $5 million, there's a really good chance that you're going to have accounts, maybe even |
1:23.3 | multiple accounts that exceed that $500,000 threshold. |
1:33.4 | So as an investor, Brian, how can someone have confidence knowing they don't have to go open 15 different accounts in order to house all of their retirement portfolio in less than |
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