Navigating Financial Futures at 60

13min Snip

00:00

Play full episode

Summary

Transcript

Episode notes

This chapter explores the challenges faced by a 60-year-old woman who has lost her job and is seeking financial stability through unconventional means like a ROBS account. The speakers empathize with her situation and discuss investment strategies, including the complexities of real estate ownership and the importance of maintaining properties for future income. Through this dialogue, they provide insights on how to optimize financial resources and ensure long-term security amidst various challenges.

#529: Anonymous, 60, recently lost her job and is worried about retirement. She owns a paid-off triplex, living in one unit and renting the others for $30,000 a year. She used her 401(k) funds to buy the triplex and now has $50,000 in retirement savings and $150,000 in cash. She expects only $2,400 a month from Social Security at age 67. After losing her son two years ago, she's seeking advice on managing her underfunded retirement.

Noelle, 40, and her husband, 49, want to cancel his whole life insurance policy. They are debt-free, own their home, and plan to retire soon, relying on Noelle's $80,000 income. They have $504,000 in retirement savings. Should Noelle keep her $100,000 term life policy until she retires?

Sleepless in San Antonio, age 35, plans to retire at 45 but is concerned about how this will affect Social Security benefits, which is calculated based on the top 35 earning years. Should they work longer in order to boost their Social Security benefits?

Former financial planner Joe Saul-Sehy and I tackle these three questions in today’s episode.

Enjoy!

P.S. Got a question? Leave it at https://affordanything.com/voicemail

For more information, visit the show notes at https://affordanything.com/episode529

Learn more about your ad choices. Visit podcastchoices.com/adchoices