Episode 164: Listener Questions – How to Help Mom, Retiring Early, and More

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Today’s Smart Money Question:

On today’s episode, we’re taking your financial questions. Find out how to help an elderly parent with their housing, whether you can retire early and more.

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(Click the featured times below to jump forward in the episode)

Here Are Just A Handful Of Things You’ll Learn:

We’re answering your financial questions on today’s show. See if any of these queries apply to your life.

Steve in Maryland asks: I’m thinking about having my mom sign her house over to me so she won’t have to sell it if she goes into a nursing home and runs out of money.

We have talked to clients about this kind of situation numerous times. The first thing you want to be doing is speaking with an estate attorney and possibly elder law expert. The attorney could be both.

There are certain state-specific rules when it comes to transferring assets. Medicaid has a standard five-year look back on any asset transfers.

If you do something that’s not allowed, your mom can go into something called a disqualification period. That means you all are responsible for picking up the tab if she needs care, and she won’t get as much Medicaid.

You need to make sure you’re speaking with an attorney to guide you in what is allowed and most importantly what’s not allowed.

Laura in South Carolina asks: I’m 56 and I’ve been working at the same company for 32 years. I want to retire but I’m still a few years away from being able to take money out of my retirement accounts. Am I stuck here?

We have seen people with these types of questions constantly. We are going through the Great Resignation currently.

In the event you retire from there or you are displaced, you can pull money out of there after age 55 and not pay a penalty.

Listen to the full episode or use the timestamps below to jump to a specific section.

3:31 – Mom’s house

7:48 – Retire early

10:07 – Health insurance

14:16 – Starting a business

 

“What are you going to do about health insurance? … It’s a question that comes up all the time.“

-Matt Hausman

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