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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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Aug 14, 2020

Financial planning doesn’t just give a sense of security, it also ensures your family is taken care of as well. On this episode, Joel answers nearly a dozen questions from listeners that all pertain to some aspect of family finances.


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Today's show schedule: 

0:19Mailbag Question 1: I always assumed I’d send my kids to an in-state college but my daughter is interested in a private school that costs six times as much. It’s hard for me to justify that kind of expense for an education.

4:43 Mailbag Question 2: This is a second marriage for me and my husband. We file a joint tax return but keep all other financial matters separate. Is that okay or should we be doing something different?

6:53 Mailbag Question 3: Is there a better way to save for college rather than pumping money into a 529 plan?

8:23 Mailbag Question 4: My wife is significantly younger than me and I’m guessing she’ll outlive me by at least 10 years. Do I need to get life insurance to take care of her when I’m gone?

10:10 Mailbag Question 5: I had kids later in life than most people. I’m almost 60 and my twin boys are heading to college in a few months. I want them to finish college without any huge student loans but I’m not sure I can pay for both without hurting myself financially. Which should I place a higher priority on?

11:30 Mailbag Question 6: I’m thinking about having my mom sign my house over to me in case she goes into the nursing home and runs out of money. Is this a smart move?

12:27 Mailbag Question 7: My brother tells me I have too much money in the bank. It makes me feel better to have it there in case of emergency. Is that really so bad?

14:14 Mailbag Question 8: I read recently about a family that set up a complicated set of trusts. Our family is interested in creating some sort of generational wealth. What’s the best way to do it?

16:27 Mailbag Question 9: I’m about to get married. It’s my second and her third. I want to keep all of our assets separate but how do we plan for retirement that way?

17:40 Mailbag Question 10: We’ve never lived on a budget and my husband is very resistant to that in retirement. Without a budget, how can we be sure we don’t run out of money?

19:40 Mailbag Question 11: I’m retired and my husband needs to retire but he refuses to walk away from work. Any suggestions to convince him that we’ll be fine?