Dear Andi, Joe & Al, YO! WHAT UP!! First you help us during episode #291 with an inherited IRA but BUTCHERED the name of our town. “When I step on the ice, I slip.” We live in East Islip, New York. I still drive a black honda civic and my better half still drives a subaru outback. We enjoy good beers from our local breweries, and this week we’re going with Southern Tier Pumpkin Beer mixed with a stout and you get a pumpkin stout!! If not a good old fashion will do. Secondly and to the point. We need you to settle a “conversation” we’re having. Should we cancel our life insurance? I’m 55 & retired. I have a pension of $80,000/ year which is fully transferable to my wife upon my passing. We have no debt, no mortgage, or car payments etc. Two of our three kids are done with college, while the third is a senior and we have all her remaining college funding sitting in cash.
My wife is 53, still working and plans to do so until age 62. She makes $30,000/year and will have a small pension. We plan on collecting S.S. at age 62 and use these monies to feed our travel addiction (Hawaii & Italy). Furthermore we have about $800,000 in various 403-B s, Roth IRA s, Inherited IRA, brokerage accounts & I-bonds. I have a $750,000 term policy for $1,400/ year which is about to go up as I’m turning 56 soon. My wife has a term plan for $250,000 at $400/year. We can hold these until age 80. Should we:
A) cancel all life insurance policies
B) cancel mine and continue paying for my wife’s.
C) continue paying both
p.s. During episode #291, Big Al came down on my wife’s side and that’s the way we went. I never heard the end of it. Peace, Love & Jerry Garcia. – Patrick & Jackie
Listen to the entire Your Money, Your Wealth® podcast:
Download the Retirement Readiness Guide:
Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive retirement planning services and tax-optimized investment management to thousands of people across the nation.
Schedule a free assessment with any one of our experienced financial professionals:
Office locations:
Ask Joe & Big Al On Air:
Subscribe to our YouTube channel:
Subscribe to the Your Money, Your Wealth® podcast:
IMPORTANT DISCLOSURES:
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor.
• Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations.
• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
CFP® – The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.
CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.
