Ep 23: Mailbag Time! Life Insurance, Company Stock, & Retiring Early

It’s another mailbag edition of the show and we’re covering five different topics that you’ve been asking about. From company stock to old life insurance policies to hitting seven figures in your portfolio, it’s a wide range of retirement conversations but we’re hitting them all today.

 

Show notes and additional resources: https://www.baschrock-fg.com/podcast/ep-23-mailbag-time-life-insurance-company-stock-retiring-early/ 

 

Today's rundown: 

1:32 – Talking with clients and listeners allows you to get a feel for what’s on everyone’s mind regarding planning.

2:18 – Question #1: I can sell my house for $500,000 and I only owe about $100,000. I’m only 57 but I’m thinking about selling it now, buying a smaller place, and using the cash to retire now. Is that a bad idea?

2:43 – Each state has different tax laws so that’s important to consider.

3:15 – How are you planning to invest that money?

3:55 – We talk with a lot of clients that are considering a similar move.

5:11 – Question #2: Unless my entire board of directors gets in trouble, I feel really confident about our future potential and growth. How much is too much company stock to own in my 401k?

7:02 – Even great companies can take a steep drop as we’ve seen in the past.

7:22 – Question #3: I’d really like to meet with a financial advisor but my husband wants to handle investments ourselves. Is that okay to do without help?

8:24 – Do you see many couples that come with completely different opinions on using an advisor?

9:41 – Question #4: I have about $50,000 in an old life insurance policy. I don’t need it anymore so should I cash out and invest it elsewhere?

11:41 – Question #5: I always told myself that once I hit one million dollars in my portfolio I’d move it all to cash. Now that I’m there, I think I can get to $1.2 million. What do you think?

13:29 – Where does that million dollar number come from? Is that more than enough for your retirement?