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:
Mixing family and finances can always be tough, but we are here to help you navigate these tricky waters. Today, we’re taking questions from families in much different situations.
First up, Steven in North Carolina wants some advice about how to handle his deceased mother’s house. Steven is the executor of her will, but his sister is living in their mother’s house. Should he kick out his sister and use money from the sale of the house for his retirement?
Steven currently has $600,000 saved for retirement, but the house sale would bring another $200,000. He plans to retire in three months, so the clock is ticking.
That’s a really tough question. First, we’d want to know what Steven’s current relationship is like with his sister. Since she’s living there, he could be looking at legal fees to get her out.
With interest rates so low and money being so cheap right now, maybe the sister could refinance and pull cash out of the property to pay Steven for the house. If she got a mortgage, that could be a very viable option. Steven gets his money, and she gets to stay in the home.
Steven needs to put together an income plan for retirement to figure out how much money he needs. Does he have a pension? Is he married? Does he have Social Security? Then he can see if the $600,000 will cover the bills he has.
Listen to the full episode or use the timestamps below to jump to a specific section.
2:35 – Kick sister out?
4:37 – Get a mortgage?
5:48 – Income plan
8:12 – Retirement with young child?
9:22 – Survivorship income planning
12:08 – Life insurance
13:13 – Take out a mortgage?
16:08 – Overall investments and strategy
“One of the ways to take care of survivorship income planning is, do you currently have life insurance?”
-Matt Hausman
Additional Podcast Episodes:
Do You Have A Smart Money Question?
Ask Matt your smart money question. Click here.
More From Matt:
The host: Matt Hausman – Contact – Resources – Call: 610-719-3003
