Today’s Mission:

When it comes to making financial decisions, your choices aren’t always black and white. In fact, there’s usually a lot of gray area. J’Neanne explains.

(Click the featured times below to jump forward in the episode)

The Briefing

Strategy Points:

[10:14]  – The Problem With Black And White Answers.    

  • When it comes to your finances and making financial decisions, they often don’t exist. Usually there’s a lot of room for gray area in your retirement.

[11:02] – Should You Pay Your House Off Early?

  • There’s certainly a gray area in this debate. It really depends on your circumstances. If you’re 40, you probably shouldn’t pay your house off early. However, if you’re 60 or 70, you might want to pay your house off as soon as possible.   

[13:22] – Should You Do A Roth Conversion?

  • Many advisors see this as a gray area in investing. Of course, Uncle Sam is probably going to send you a hefty tax bill if you’ve been investing in tax-deferred retirement accounts through the years. On the other hand, income limits accompany Roth conversions, so if you make too much money, you might have to look at another strategy.

[15:55] – Term Life Versus Permanent Life Insurance. 

  • This debate has been going on for years. Permanent life insurance used to be a great place for folks to hold their cash. Once the mutual fund industry came of age, folks started switching to term life insurance. J’Neanne explains the history of the debate.

[17:58] – The Gray Area In Social Security.

  • Everyone wants to know when they should withdraw Social Security. People want to be able to maximize their benefit. However, this too depends on your overall health, your other income streams, your tax plan, and other areas of your financial strategy as well.

[20:39] – Should You Purchase Long-Term Care Insurance?

  • Nobody wants to talk about long-term care, but for most folks, it’s an inevitable part of retirement. Furthermore, healthcare is expensive. You need to have a plan in place to tackle your medical expenses as you age.

The Grand Plan:

The Spy Kit:

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More Intel:

The host: J’Neanne TheusContact – Call: (443) 718-6310

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