BEHIND THE MIKE

Having been in the insurance and estate planning business for some 45+ years, one truth that I have encountered is that the answer is in the question. Literally speaking, if we pose a question correctly, it should help the client frame the answer.

For instance, when is the best time to begin to draw your Social Security? Some would argue 62; others say wait till age 70. Either way, what if you died after you chose? Would you feel cheated out of hundreds of thousands of dollars of income with a bad decision? According to a recent Stanford study, you should wait till age 70.

Another such retirement question would be “How would I like to be able to ensure that my heirs could receive some of my social security?”

Is there someone at the IRS that I am so in love with that I want them to be the biggest beneficiary of my life savings, retirement, 401-K, IRA, 403-B or 457-plan?

Is there someone at the nursing home that I am so happy to know that I want them to get a whole bunch or even all my money when I die?

If the government runs out of money in the future, do you think they will turn to the 90% of Americans who don’t have any money or the 10% who do?

Is it okay to continue to lose 30%-75% of my money when the stock market tanks? Would I like to know how to prevent that from happening and to take advantage of it if it ever does?

Would I want to be rich or do I prefer that I never ever be poor? Do I have enough faith in my current financial advisor to get a second opinion?

If my spouse or I die, is it fair to my children to lose their other parent too? Should my children have to grieve to a babysitter?

When I turn/or turned 65, am I in a race with my money? Do I want to have enough money that I cannot outlive it?

Did I earn enough during my first 40 years of employment to cover the 80 years of income I will need in my life?

Is it fair for my spouse to have to pay taxes at their rate and not mine? Won’t I have lost one deduction and at the minimum one social security check?

Do I feel there is likely to be another financial disaster like 2007 and 2008? Would/should I use the same strategy, or would /should I have tried something different? Is it true that you can win by not losing?

Did you know that the average age of a widow is 57? Are you aware that 80% of husbands die married and 80% of wives die single?

If I could insure my IRA, wouldn’t I want my family to get it and not the government, creditors or predators?

Am I aware that 30 states are now exercising their FILIAL laws making children responsible for their parent’s debts? Filial responsibility laws (filial support laws, filial piety laws) are laws in the United States that impose a duty, usually upon adult children, for the support of their impoverished parents. In some cases, the duty is extended to other relatives.

Am I more concerned about my life ending too early of me living too long? Have I honestly examined my “after-tax” statement for my IRA, 401-k and other investments?

Has my current advisor made me aware of the stretch IRA provisions becoming law nearly two decades ago? If not, why not? If I have not done something about it, why not? Stretch IRA’s may go away after all.

Will I have enough money if most of my Social Security could end up going toward my health care costs?

If there were a way to stay in control of my money until I took my last breath (instead of giving it to a nursing home or a hospital) wouldn’t I want to know about it?

USA Today says you should plan to live to

95. Will you have enough money? The answer is in the question.