Should Siblings Take Out Life Insurance on Parents Before Inheriting $10M? - 487

Your Money, Your Wealth

Should Terry and his siblings take out a whole life insurance policy on their parents before they inherit their folks’ $10 million worth of farm land? Is Terry on track for retirement? That’s today on Your Money, Your Wealth® podcast 487 with Joe Anderson, CFP® and Big Al Clopine, CPA. Plus, should Fred and Wilma use their 401(k) money for living expenses to bridge the gap until they collect Social Security benefits? Should Glen claim his Social Security at age 65 and use it to fully fund his wife’s Roth IRA? When should Bill take his Social Security and should he do Roth conversions? Finally, should Maya include home equity in her retirement savings? Should Jack pay off his mortgage or stash his cash in a brokerage account and refinance his house later? Free financial resources and transcript: https://bit.ly/ymyw-487

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Timestamps:

00:00 - Intro

00:50 - Should I Claim Social Security at 65 to Fully Fund My Wife’s Roth IRA? (Glen, Pittsburgh, PA)

04:18 - Should We Use 401(k) to Bridge the Gap Until Social Security? (Fred & Wilma Flintstone, CA)

09:06 - When Should We Take Social Security and Thoughts on Roth Conversions? (Bill, Shippensburg, PA)

15:45 - Should Siblings Take Out Insurance on Parents Before Inheriting $10M? Are We on Track for Retirement? (Terry, IA)

34:14 - Pay Off the Mortgage or Stash Cash in Brokerage and Refinance Later? (Jack, WA)

42:54 - Should I Include Home Equity in Retirement Savings? (Maya, Seattle)

46:02 - The Derails