Today’s Smart Money Question:
(Click the featured times below to jump forward in the episode)
Here Are Just A Handful Of Things You’ll Learn:
Today on Smart Money Questions we’re going to answer four questions that represent four different scenarios. The answers can hopefully help guide you if you are facing a similar situation.
Marshall in Pennsylvania has a variable annuity and just found out the fees are very high. He wants to move the money somewhere else but the penalty is high. Is it still worth the penalty in order to move the funds? Are you aware of the different levels of fees involved? Are there additional fees and what are the benefits associated with them?
Tom in Virginia asks a common question that Matt hears all the time. Tom has a lot of travel plans for retirement with destinations all over the world in mind. Should he plan to have more income in retirement than he has right now? Matt asks if your current income will be able to cover those travel expenses? Also consider, how many years do you plan to travel like this? What will your annual budget be? Finally, where will the money be coming from?
Rourk in New York thinks his financial advisor seems to do a good job with investments but never mentions Social Security, life insurance, or legacy plans. Should an advisor help with this? All of these things are typically involved in a financial plan. Is your advisor more of a money manager for you instead of a comprehensive planner? Have a conversation to make sure your expectations of a financial advisor are being met.
Cheryl in Arizona and her husband own a house and rental property, both of which aren’t yet paid off. Should they use their funds from their money market to pay off one of those? Which one? Are there tax advantages that you should be aware of before paying off one of them? How much should you have in your money market put away for an emergency fund?
Listen to the full episode or click on one of the timestamps below to skip to a specific question.
1:01 – We’ll talk about four questions today.
2:56 – If a variable annuity has high fees but a high penalty to get out, what should you do?
8:25 – With travel plans in retirement, do you need more income than in your working years?
13:38 – Should your advisor be talking about life insurance, Social Security, and legacy plans?
15:28 – What kind of planning does Matt do?
18:44 – Should you pay off the house or rental property with a money market account?
“It’s real important to have a conversation with your advisor to make sure what you are expecting a financial advisor to do is actually the services they are giving you.”
– Matt Hausman
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