Money Guy Show
Smart Money Moves: Life Insurance, Emergency Funds, and The Rule of 55
Apr 21, 2025
Discover effective life insurance strategies for high earners facing health challenges. Learn how to balance finances during adoption with retirement savings. Find out how to navigate multiple retirement plans like 401(a), 403(b), and 457s for maximum benefit. Explore the Rule of 55 and its advantages for retirement funding with job transitions. Lastly, weigh the opportunity costs of further education against income potential, helping you make informed career choices. Get practical advice sprinkled with humor throughout!
31:54
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Quick takeaways
- Individuals with health challenges can secure affordable life insurance by utilizing employer-sponsored plans to avoid costly individual policies.
- During significant life transitions like adoption, prioritizing emergency funds over retirement contributions ensures financial stability while maintaining employer match benefits.
Deep dives
Maximizing Employer-Sponsored Life Insurance
Individuals with a medical history may face challenges in acquiring affordable life insurance, yet options exist to address this. One effective strategy involves leveraging employer-sponsored life insurance plans, which often provide a minimum level of coverage at no cost. Employees can inquire with their HR department about the possibility of increasing their coverage without undergoing medical underwriting, allowing them to maintain group rates. This approach ensures they have sufficient life insurance to protect their dependents without facing prohibitive costs associated with individual policies.
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