Allworth Financial’s Money Matters

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The Problem with Annuities

On this week’s Hanson McClain’s Money Matters, Scott and Pat take several calls and talk about the problem with annuities, playing a voicemail they received from an annuity wholesaler.

 

Scott and Pat take a call from a woman who is 70 years old and wants to know how much money she should have in stocks versus bonds. A caller attended a living trust seminar and wants to know if he and his wife need one. A 59-year-old woman was laid off and wants to know if she should cash out her 401(k) and pay off her rental home and condo or sell the condo and move back to her rental home. Lastly, a caller wants to know if he should purchase long-term care insurance and if so what kind.

The Top 5 Retirement Income Decisions Facing Older Workers

On this week’s Hanson McClain’s Money Matters, Scott and Pat talk about a new study on retirement income decisions from Stanford’s Center on Longevity.

Scott and Pat take a call from a man who wants to know if he should purchase a retirement home in Nevada now and rent it for two years until he is ready to retire. A woman who has a whole life insurance policy wants to know if she should cash out the policy or hold on to it. A recent widow is calling to determine at what age she can start collecting on her husband’s Social Security benefit. Lastly, a caller wants to know how he can avoid capital gains taxes when selling company stock he inherited.

The Value of Good Financial Advice

On this week’s Hanson McClain’s Money Matters, Scott and Pat take several calls and talk about the importance of getting the proper retirement advice.

Scott and Pat take a call from a man who pre-paid his property taxes for 2017 and wants to know if that was the right choice and if there have been any changes to the new tax law that would keep him from claiming those property taxes. A caller wants to know if he should take the joint and survivor annuity pension option that his company is offering. A woman who inherited an IRA from her mother wants to know what she should do with the IRA and how soon she needs to make a decision. A caller who recently made a Roth conversion before the age of 59½ wants to know if there is anything he can do to mitigate the tax consequences and how he should go about paying the taxes in the future. Lastly, a couple disagrees on when to take distributions from their IRA, and want Scott and Pat’s opinion to be the deciding factor.