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Jill on Money: Annuities, Retirement, Allocation

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Karen from MD owns a large parcel of land that she shares with her parents. She wants to make sure that she can afford the future property taxes when they are no longer contributing, so what should she do?

Jeff from Buffalo called with what he thought was a simple question: how to allocate his Thrift Savings Plan. Of course allocation can't be done in a vacuum, so I asked a lot of nosey questions about when he was going to retire and how much money he needed to support himself. Without knowing this information, the allocation question is moot!

Conversely, in helping Joe figure out whether or not he can retire early, I had all of the information I needed! He and his wife have been doing a fabulous job of saving, with a total of $1.5 million socked away. While you may not have that large a nest egg, the steps that I used to calculate his retirement projections can be applied to anyone!

We fielded a bunch of annuity questions in the aftermath of this series of articles that I wrote for my weekly column for Tribune:

-- The ABCs of Annuities: 6 Questions to Ask

-- The Pros and Cons of Annuities

-- Annuity salespeople don't like me

Al in NY and his wife both have annuities and he is questioning whether to roll his over to his current annuity with TIAA-CREF (YES!) Garland from Indiana also owns a bunch of annuity contracts, which is why he need not add to them when his wife receives a $1 million windfall. Meanwhile, Charles is confused about the details of his annuity. Who could blame him? These contracts are dense, mysterious and confusing!

Ann from Texas has hit a home run on an investment. Her question now is whether to cash in and be subject to the taxes due or hang on?

Finally, Calvin wrote in about when he can stop paying premiums on his old whole life policies.

Here are web sites and resources mentioned in this week's show:

-- Jill's Blog

-- NAPFA: National Association of Personal Financial Advisors (fee-only advisors)

-- The ABCs of Annuities: 6 Questions to Ask

-- The Pros and Cons of Annuities

-- Annuity salespeople don't like me

--Immediate Annuity Calculator

-- Social Security: Manage your account online

-- Social Security estimator

-- When to take Social Security?

--Social Security: File and Suspend

-- Retirement Calculator

-- Life Insurance calculator

--Financial documents: What to shred, what to keep

-- Estate Planning: the Documents You Need

Thanks to everyone who participated and to Mark, the BEST producer in the world. If you have a financial question, there are lots of ways to contact us:

Call 855-411-JILL and we'll schedule time to get you on the show LIVE

Send an email:

Tweet me: @jillonmoney

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