Ep 84: Annuities, Lump Sum Surpluses, Which Accounts to Max Out – Mailbag Episode

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Show Notes

Today’s show is all about answering your financial questions and we have four great ones for you that cover a few important topics.

We’re going to answer questions about annuities, which is a product that not everyone understands. We’ll also talk about what to do if you come into a surplus of income, whether that’s from a work bonus, inheritance or real estate transaction. And finally, we’ll discuss where you should be focusing your money in terms of account types and how you should allocate your contributions to these different retirement saving options.

Hopefully we’ll touch on a question you’ve thought about before and provide you with strategies and actions you might consider implementing.

Here’s some of what you’ll learn in this episode:

  • I have an annuity that I bought 9 years ago and it will mature in a year, right around the time my wife is scheduled to retire. I’ll have the option of turning it into a lifetime income or moving it into a different investment altogether. Which should I do? (3:09)
  • My twin boys will be heading to college in a few months. Which thing should I place a higher priority on—their education or my retirement? (11:48)
  • My house is already paid off, but I’m about to sell it and downsize to a condo that’s about $100,000 cheaper. Should I just put the money I make during this transition in the market? (15:35)
  • Should I be completely maxing out my 401(k) and Roth IRA before opening a taxable brokerage account? Or is there a benefit to opening a separate brokerage account to provide more flexibility? (21:30)

Thanks for checking out this episode of the podcast. If you’d like to learn more about financial and retirement planning, check out our YouTube channel here.



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