Created: June 4, 2021
Modified: September 30, 2022

Podcast Episode 203: Questions About Different Financial Tools

What You’ll Learn:
Which financial tools should you be utilizing in your retirement plan? The answer varies for every person but every tool could be a possibility. Today we’ll take a look at a few popular planning items and answer questions that our listeners have about each one. 

The benefit of putting together a comprehensive retirement plan with the help of an advisor is that it will assess every possible tool in the toolbox to determine which one fits your needs the best.

That’s nearly impossible to do on your own because most individuals won’t know about every tool or won’t have a great understanding of how to best utilize them. In this episode of the Money Wisdom podcast, we pull out a few questions from listeners that ask about some key planning items.

What they all have in common is that each of these things we talk about on the show touch on the different types of financial tools. None of these are going to be right or wrong for every person we work with but having a thorough understanding of how they are used will help you determine that.

The first one we’ll cover is long-term care insurance. Our listener is battling Parkinson’s and likely won’t be able to find coverage. There are options to self-insure, which Joel will discuss on the show, along with some other considerations, and this is a very important discussion everyone should be having about retirement.

The next topic is one that not everyone is totally familiar with but reverse mortgages could provide you a great opportunity to leverage the equity in your home. It’s something that’s available to retirees and allows you to take a loan to create income for yourself. 

The third and final topic we’ll cover is investing in the stock market. We had a listener who has kept their money on the sideline for a long time due to fear. After seeing what happened in 2008, we can understand why some retirees are hesitant to put their money into the market. But it’s important that you don’t keep too much money in cash because it will lose value relative to inflation over time. Joel will share a few thoughts on the market in this episode as well.

0:27 – Mailbag question on long-term care insurance vs self-insuring

2:07 – Is long-term care insurance a good idea for most people?

3:11 – Mailbag question on reverse mortgages

4:49 – Mailbag question on the stock market

6:07 – Using financial tools effectively

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