In this enlightening episode, Al Smith shares his expertise on retirement planning, focusing on critical decisions like pension allocations, survivorship options, and life insurance. Whether you’re nearing retirement or just planning ahead, these insights can help you optimize your benefits and ensure that you and your loved ones are financially secure.
00:00:00 Introduction and Retirement Planning Overview
TJ here with KLZ Radio, and I’ve got Al Smith with me once again. How are you, Al? I’m doing great. How are you, TJ? Doing pretty good. We’ve been talking about retirement and all that kind of stuff, and I was just curious, what do you usually talk about with the folks that come in for retirement planning? What does that mean?
SPEAKER 01 :
Well, if somebody’s close to that transition where they’re thinking about their 401k and where do you want to allocate that, where’s the best place to have that invested? And some people who were fortunate enough to have a pension will have a conversation about that, especially if it comes to selecting a survivorship option.
SPEAKER 02 :
And how does that fit with life insurance and that kind of thing, with pensions and life insurance?
SPEAKER 01 :
If someone takes a big reduction in their pension, that’s what they need to do in order to have a spouse collect part of their pension should they pass on. But that reduction in their pension will only benefit them if the primary worker dies before the spouse. Sometimes people choose life insurance instead. which may not provide quite as much financial benefit, but there’s a certainty that the money will stay in their family.
SPEAKER 02 :
And is that always a good idea to do, or how do you help folks make that decision?
SPEAKER 01 :
Well, it’s kind of a long conversation to some degree because if someone has health concerns, then selecting that survivorship option is always a good idea because it makes it much more likely that your spouse will collect that survivor benefit on the other hand sometimes the other spouse may be anticipating an inheritance that is amazing and complicated and that’s why i lean on you to learn all about the retirement process al thanks so much for joining us today
SPEAKER 02 :
Well, you’re welcome. Tell folks how to get in touch with you.
SPEAKER 01 :
You can reach me at my office, 303-744-1128. If you get voicemail, I return those very quickly.
