Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: Should I Be Working Only For Health Benefits?
Nov 2, 2023
Suze and KT answer questions about student loan debt, ETFs versus mutual funds, and reverse mortgages. They discuss fixed rate annuities as a potential investment and the benefits of opening a kids ultimate opportunity savings account. Also, should Kathy pay off her mortgage?
31:09
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Quick takeaways
- Cancel whole life insurance policy and carry term insurance until financially dependent sons reach certain age.
- Funding a Roth retirement account offers tax-free growth and distributions, providing financial security and potential tax advantages in retirement.
Deep dives
Canceling Whole Life Insurance Policy
Janice, a 53-year-old female with a husband and two sons, is considering canceling her $500,000 whole life insurance policy that costs $668 per month. She also has a $300,000 term life policy at $93 per month. With approximately $1 million in investments, including retirement funds, Janice wonders if she should cancel the whole life policy. The recommendation is to cancel the whole life policy and only carry term insurance until her financially dependent sons reach around 23 to 25 years of age. At Janice's age, she can consider getting another 5 or 10-year term policy. The cash value of the whole life policy can then be used towards car payments and the mortgage.
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