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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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  1. All Episodes
  2. Mailbag: Market Volatility, Life Insurance, Roth 401k, and More

Mailbag: Market Volatility, Life Insurance, Roth 401k, and More

Mar 25, 2020

It’s time to find out what’s on your mind as it relates to retirement planning. Let’s open up the mailbag and answer a number of questions spanning from home equity loans to market volatility to Roth 401k options and much more. We’ll cover many different topics over a short period of time so this should be a valuable episode to anyone looking to learn.

 

Read more and get additional resources here: https://johnsonbrunetti.com/?p=5000 

 

Today's rundown: 

0:09 – Mailbag question #1: I want to put in a screened-in porch but the only way to pay for would be take an extra $20K out of my IRA or taking out a home equity loan. Which is better?

3:41 – Mailbag question #2: I haven’t decided on a specific retirement date but it should be in the next four years. With all of the market volatility, should I just move my retirement savings to cash until it all blows over?

5:34 – Mailbag question #3: As part of my divorce settlement, I’ll receive a portion of my husband’s pension for as long as he’s alive. Should I take out a life insurance policy on him in case he dies well before me since I’ll lose a large portion of my retirement income?

7:27 – Mailbag question #4: My company matches my 401k contributions but they do it in the form of company stock. I’m not excited about that investment but I don’t want to miss out on any matching funds. Should I still try to put in as much as I can?

8:33 – Mailbag question #5: I know that I need an emergency fund, but instead of putting money into a savings account, can’t I use a home equity line for that?

10:14 – Mailbag question #6: I never hear anything from my financial advisor unless I call him myself and this bothers me. Should I be bothered or is that okay?

10:59 – Mailbag question #7: My husband was born in the 50s but has the mindset of someone born during the Great Depression. I think we’ve saved enough for retirement but he’s convinced we both need to continue working and not spending behind the basics. Is there a way to fix this?

12:50 – Mailbag question #8: I’m probably not what you’d call a savvy investor. I’ve always saved a lot for 35 years and have a big 401k balance. But I have no idea how I should be investing my current dollars or future savings. Have I handicapped myself by having no knowledge of the investing world?

14:50 – Mailbag question #9: They recently announced at work that our 401k would now have a Roth option. Should I put my future savings in that rather than the traditional 401k?  

16:44 – Mailbag question #10: I’ve looked forward to retirement for many years but now that I’m retired, I can’t shake the feeling that I’ll run out of money. Is there any solution to fighting this feeling?