Today's Hack

Whenever you have questions or concerns about your financial situation, you should reach out to a financial advisor. Today we’re going to answer several questions from listeners to hear what Phil has to say regarding everything from a long-term care policy to tax refunds.

Subscribe With Your Favorite App

Apple PodcastsSpotifyYouTubeGoogle PodcastsAmazon MusicStitcherTuneIn

Share The Show

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on email
Email

Show Notes For This Episode

Today’s Hack:

Are you understanding all of the options when it comes to Social Security? Or do you feel like retirement and Social Security always coincide? Today we take a look at this important piece of retirement income.

Click the timestamps below to jump ahead in the episode…

Video Version:

Other Retirement Facts:

Whenever you have questions or concerns about your financial situation, you should reach out to a financial advisor. Today we’re going to answer several questions from listeners to hear what Phil has to say regarding everything from a long-term care policy to tax refunds.

David’s father-in-law recently passed away, so they have some unexpected inheritance. He’d like to give some of it to his son, but how do you ensure that it doesn’t get blown all at once on a fancy car? Is there a way to handle it well from a tax standpoint?

Sally wants to know if she can get half of her ex-husband’s Social Security benefits. Is that true? What do you need to do in order to claim it? Will it impact his benefits (or his new wife’s benefits)?

Elizabeth in Plymouth has questions on her 401(k) statement and how reliable the predictions are. Will the estimated income ring true? How skeptical should she be? Make sure you have a plan and you are invested properly before you begin making withdrawals in retirement. 

Ian in Northville is wondering if his long-term care policy of $250,000 is sufficient. Phil asks, what are the yearly distribution limits? What kind of coverage are you wanting to receive? Understand what today’s costs are and then find out if you have an inflation rider on the policy.

Red wasn’t worried about the market when he was working but now that he’s retired, should he move his money to cash during this volatility? While your risk might no longer be in the market, consider the risk you have with cash. Historically, money in the bank has not been able to keep up with inflation. Instead, it’s important to make a plan with an advisor that considers your current and future needs.

Finally, Jake is getting a big tax refund this year which feels nice. Is it better to keep more money throughout the year instead? Do you have the discipline to use it wisely throughout the year?

Listen to the entire episode or click on the timestamps below to skip ahead to a particular question.

0:31 – Ever fight with technology?

1:45 – Mailbag: Should I share my inheritance with my adult son?

3:31 – Mailbag: Can I really get half of my ex-husband’s Social Security?

7:14 – Mailbag: Are these 401(k) estimates reliable?

9:33 – Mailbag: Do I have enough coverage in my long-term care policy?

11:32 – Mailbag: Should I move my investments to cash?

14:55 – Mailbag: Is a big tax refund good?

Thanks for listening! We’ll be back with another episode next week.

A Quotable Moment:

Any money in the bank, historically, has never kept up with inflation. The easiest way to lose money safely is in the bank.

-Phil Putney

Subscribe To The Podcast:

Additional Resources:

Schedule A Meeting

We are a growing business with the ability to support more clients, and I am happy to invest an hour of time for the potential of a long-term relationship.

We can discuss your current situation, go over any potential questions, and ultimately decide if we can work together.