Jill on Money: Mortgages, life insurance, 401k
Download the podcast on iTunes
Download the podcast on feedburner
Download this week's show (MP3)
Ben Bernanke spoke, but said very little, while investors got a reprieve from the near-constant onslaught of selling that has occurred over the past six weeks. Meanwhile, with mortgage rates at all time lows, "Jill on Money" listeners were treated to a special guest: Mike Raimi from WCS Lending, aka the "Maestro of Mortgages".
Rose in PA started us off with a question about whether or not to return to part-time work after recently retiring. Sure, she has $1 million bucks saved, but with 30 years or so to fund, earning a little extra income prior to filing for Social Security may be just the ticket.
Speaking of Social Security, it seems we can continually field questions about when to file. While each case is different, there are loads of Social Security strategies to consider (see links below). There's also a nifty new calculator that you should check out here.
John from LA asked about universal life insurance, which allowed me to run down the various life insurance types and for no extra charge, I give my two cents on life insurance agents.
With mortgage rates at all-time lows, we were lucky enough to have Mike Raimi, President of WCS Lending join us as a guest. Mike is the "Maestro of Mortgages," so when he outlines some of the issues to consider about refinancing, I take him seriously. He says that even if you don't have 20 percent equity, you may qualify for a mortgage and of course, these extra low rates may allow you to shave years off your loan.
Although Eric from CA is not considering refinancing, his question was about paying off a mortgage early. Sure, money is cheap, but a good night of sleep may be more valuable!
With the second round of Greek elections looming, Wade from Michigan had a question about a small investment in the National Bank of Greece: should he take the loss now? This led to a great conversation about why buying individual stocks may be a worse bet than a trip to your local casino.
Rhett inherited investments and the money is currently at Wells Fargo, where they are trying to sell him annuities. His question: does he have to stay at Wells? Considering that they are about to charge 3 percent fees for that fat annuity contract, Rhett would be far better off to get out of Wells and head to his favorite no-load fund company or low cost brokerage company.
We reviewed 401(k) rollover options and begged Kathy NOT to withdraw money from her 401(k) to pay off credit card debt.
Finally, James lives in NY, but his advisor is suggesting that he use a 529 plan in another state. By doing so, James will not only pay more to save for college, he also loses his state tax deduction--a double whammy! For more on 529 plans, check out this quick video:
529 plan video...Lumiere ID: 50125554Here are web sites and resources mentioned in this week's show: -- How to Choose a Financial Advisor: 10 Questions
-- NAPFA: National Association of Personal Financial Advisors (fee-only advisors)-- Financial documents: What to shred, what to keep
Call 855-411-JILL and we'll schedule time to get you on the show LIVE
Send an email: firstname.lastname@example.org
Tweet me: @jillonmoney
Post a comment on this blog
Popular on MoneyWatch
- Reverse cell phone lookup service is free and simple
- How to stop the mediocrity pandemic
- Top five 529 college plans
- LinkedIn: 3 tips for building a better profile
- Making your smartphone battery last longer
- How to organize your job hunt
- Top 10 professional life coaching myths
- Student loan defaults rising despite a way out