A 50% survivor annuity would halve Ed's wife's monthly income to $605 and eliminate one Social Security check the moment he dies.
Orman recommended an IRA rollover, projecting the $200,000 grows to $300,000 in 8 years, with the full balance passing to Ed's wife.
Ed's wife is 8 years younger and statistically likely to outlive him by 15-20 years, making delaying Social Security until 70 critical.
Many financial professionals are salespeople paid on what they push, not whether you end up wealthier. A fiduciary is the opposite. The SEC legally requires them to put your interests first. Advisor.com's free matching tool pairs you with vetted fiduciaries from major national firms, all in under three minutes. See who you match with today.
On the August 6 episode of her Women & Money podcast, Suze Orman read an email from a 62-year-old listener named Ed who had just retired against his wife's wishes and was about to pick the wrong payout on his employer annuity. Her response was blunt: "The naivete, the bare fact that you ask questions like 'can I open up a Roth IRA?', shows that innocently, your knowledge of money and how it works is nil. But the knowledge of your spouse is absolutely extraordinary."
#orman #many #advisor
Orman recommended an IRA rollover, projecting the $200,000 grows to $300,000 in 8 years, with the full balance passing to Ed's wife.
Ed's wife is 8 years younger and statistically likely to outlive him by 15-20 years, making delaying Social Security until 70 critical.
Many financial professionals are salespeople paid on what they push, not whether you end up wealthier. A fiduciary is the opposite. The SEC legally requires them to put your interests first. Advisor.com's free matching tool pairs you with vetted fiduciaries from major national firms, all in under three minutes. See who you match with today.
On the August 6 episode of her Women & Money podcast, Suze Orman read an email from a 62-year-old listener named Ed who had just retired against his wife's wishes and was about to pick the wrong payout on his employer annuity. Her response was blunt: "The naivete, the bare fact that you ask questions like 'can I open up a Roth IRA?', shows that innocently, your knowledge of money and how it works is nil. But the knowledge of your spouse is absolutely extraordinary."
#orman #many #advisor
2 months ago
