The Setup:

On this episode of Unlocking Your Financial Future, we answer your questions about inheritance, investing, income and much more.

Click the timestamps below to skip to a specific topic in the episode.

The Combination and Key Points: 

On this episode of Unlocking Your Financial Future, we answer financial questions that are on your mind. Let’s jump into it.

My father-in-law recently passed away and left us some money. We don’t need it but want to give it to our son, who could really use it. I’m nervous that he’ll blow it on a Camaro. Do you have any suggestions?

You don’t want to tell your kids what to do with money, but this time of year is a good time to have those conversations. Explain why his grandpa would want him to spend the money on something wise, such as buying a house or going to college. You can push your son in that direction, but the decision is ultimately up to him if he gets the money.

I heard I can get half of my ex-husband’s Social Security benefit. Is that true?

You can’t just take it from him. That’s a common misconception. There have to be some very specific factors in play for you file off you ex-spouse’s Social Security record. We explain what those factors are in the podcast. It’s a very intricate and delicate topic.

My 401K statement says I can expect to create an income of about $4,000 a month from my current account balance. Is that accurate?

We’ve had this conversation a lot with clients. Sometimes when we get down to it, we say, “No, that’s a little bit too rich for our comfort level.”

The statement makes a lot of assumptions, including assumed interest rates, assuming your contribution remains the same and matching contributions remain the same and assumptions about Social Security.

Read those disclaimers before you start banking on that number. It’s good to use those numbers as a starting point, but make sure to talk with a financial advisor.

When I retire, I’ll have 75 accrued sick days they’ll have to pay me for. Should I buy a car or invest that money?

Every HR payroll will be different, but if it’s a lump sum, be prepared for the taxes on that. If there’s a way to defer that, put it in a 401K or 403B deferred compensation type structure. Then go buy your dream car from that using a car loan with low interest and pay it off in about two years.

In today’s podcast, we also answer your questions about long-term care insurance and market worries. To hear more, you can listen to the full episode or use the timestamps below to find a specific segment.

2:39 – I’m worried my son will blow this inheritance

4:27 – I heard I can get half of my ex-husband’s Social Security benefit.

5:56 – Is my 401K income estimate accurate?

7:52 – Should I buy a car or invest this money?

9:34 – Is $250,000 enough for long-term care insurance?

10:54 – I’m worried about the market. Should I move it all to cash?

Thanks for listening to another episode of Unlocking Your Financial Future. We’ll talk to you again next week!


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