Skip to main content
Leaving a Legacy, Social Security, & More Mailbag Questions
Created: February 14, 2020
Modified: June 6, 2023

Leaving a Legacy, Social Security, & More Mailbag Questions

What You’ll Learn:
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.

Your questions are a big part of our show and we do our best to answer a couple on most of the episodes we release, but we’ve had so many questions that it’s time to dedicate the entire podcast to what you’re curious about.

The great thing about an episode like this is we get to bounce around to a variety of different topics. The wide range hopefully allows you to find something that relates to your situation or addresses a specific retirement question you’re curious about.

With this format for the podcast today, we won’t do as much summarizing on what we discussed because it’s shorter pieces of information but a great number of pieces than we’re accustomed to. However, we want to give you an idea of what you can expect. So, here is the list of topics Joel will dive into during this episode of Money Wisdom:

  • Leaving a legacy to your children.
  • Receiving Social Security from a previous spouse.
  • Taking Social Security early to pay off a mortgage.
  • Life Insurance as a retirement income strategy.
  • Handling investments without professional guidance.
  • Long-term care coverage.
  • Holding cash out of fear for a market crash.

As you can see, it’s a busy show but one with a lot of information. If you ever have a financial concern or question, please send us a question through the site or give us a call and we’d be happy to sit down and spend some time discussing your situation.

[0:34] – Question #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?

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

[5:46] – Question #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?

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

[11:00] – Question #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?

[13:02] – Question #6: There’s a section on my 401(k) 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?

[16:22] – Question #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.

[20:49] – Question #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?

Our Locations
Johnson Brunetti
Welcome to Our New Website!
Everything was designed with you in mind, making our retirement planning resources more easily accessible to you.
Check out your new resource center, where everything can be organized by article type or topic
Are you ready to speak with a financial advisor?
Skip to content