Today’s Smart Money Question:
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Here Are Just A Handful Of Things You’ll Learn:
Today we’re answering your financial questions. Let’s jump into it.
Tim is a dentist and is thinking about retiring in the next five years or less. He owns his building and wants to know if he should sell it and invest the cash or try to sell the practice to someone else and rent the building to them.
There are many different ways you can structure your exit. The first question we would ask you is: “Do you want to be a landlord?” If you want to be a landlord, it could be a great source of retirement income, but you want to structure it properly.
If you want to sell the building and invest the money, you might get a really good price because of how the real estate market is today.
We recommend getting an attorney and business broker involved. It can be money well spent. Look at both avenues and see what makes the most sense for you.
Kathryn has always heard people talk about the importance of life insurance. But she didn’t really grasp the importance of it until her husband died unexpectedly at the age of 61. She got a check for $250,000, but she doesn’t know what to do with it.
We had two situations like this in just the past 12 months. First, sit down and take an accounting of all of your assets and your husband’s assets. Make sure to update your beneficiaries.
Listen to the full episode or use the timestamps below to jump to a specific section.
3:24 – Renting building
6:29 – Investing cash
9:43 – Life insurance
12:53 – Moving forward
“Sit down and take an accounting of all of your assets and your husband’s assets.“
-Matt Hausman
Additional Podcast Episodes:
- Murky Areas of Retirement Planning
- How to Avoid New Identity Theft Tactics
- The Fear of Spending Money in Retirement
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The host: Matt Hausman – Contact – Resources – Call: 610-719-3003
