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Listen to Johnson Brunetti's Money Wisdom with Joel Johnson CFP®, host of Better Money Television program and Forbes Contributor. Gain true financial wisdom and advice aimed at educating you about all of your financial options when it comes to retirement so you can make the best decisions for you and your family. Get information and education that can bring you peace of mind with your savings and retirement. Whether it’s your 401k account, IRA, or an underperforming asset, Joel Johnson can answer your questions and make you more aware of issues that may affect you.

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Feb 14, 2020

Today it’s all about the mailbag on the podcast and we’re answering nine different questions ranging from life insurance to Social Security benefits from an ex to investment strategy. There’s a lot on your mind and we’ll do our best to address as many different topics as possible.


Show notes and additional resources: 


Today's rundown: 

0:34Question #1: My father-in-law recently passed away and left us some money we weren’t expecting. We don’t really need it so we want to give it to our son because he could really use it. But I’m worried he’ll blow it on a Camaro and that will be the end of it. Do you have any suggestions?

1:48Question #2: I just heard I can get half of my ex-husband’s Social Security check. Is that true?

5:46Question #3: Should I start Social Security at 62 to help pay off my house before I retire?

7:07 – Are there penalties for someone that takes Social Security while still working?

8:05Question #4: I’ve heard about a strategy of using life insurance to create income for yourself in retirement. Is this a legitimate strategy?  

11:00Question #5: My husband wants to leave a lot of money to the kids but I’ve worked hard to retire and I don’t want to save for the rest of my life. What do you see as a reasonable amount to leave as a legacy?

13:02Question #6: There’s a section on my 401k statement showing that I can expect to create an income of about $4,000/month from my current account balance. How reliable is that number?

16:22Question #7: I have an MBA and I understand investments well so I’ve always handled my portfolio myself. Is there really any reason for me to work with an advisor?

17:44 – A study of mutual funds over 10 year periods found investors made less than the fund actually generated. Here’s how that happens.

20:49Question #8: My husband and I plan to take care of each other as we get older unless one of us is in poor health. How much long-term care coverage do we need?

23:18 – Question #9: I’m anticipating a market crash any day now so I have about half of my IRA in cash. That means I have about $350K that’s not really making any money. How long should I wait before I reinvest it?