Ep 13: Retirement Fact or Fiction

<p class="p1"><span class="s1">On today’s episode of <em>How Money Works</em>, let’s have some fun and play retirement fact or fiction. Keep in mind, as with many retirement planning scenarios, the answer is not always clear-cut because it depends on your situation.</span></p> <p class="p1"><span class="s1">One common question we get is whether social security can be taxable. Well, it’s a definite maybe. It depends on how much social security you have and whether that number exceeds a certain threshold. If so, then it will start to be taxable income.</span></p> <p class="p1"><span class="s1">“It’s not what you make, it’s what you keep when it comes to social security and where that money is from an account standpoint,” said Craig.</span></p> <p class="p1"><span class="s1">In a utopia, all of your money would be in a Roth IRA.</span></p> <p class="p1"><span class="s1">Another question is whether taxes will be lower in retirement. Again, the answer is maybe, and we explain why in the podcast.</span></p> <p class="p1"><span class="s1">From an insurance standpoint, is it better to get term life instead of whole life? Term is cheaper for a time and is great to use if you’re younger, but whole life can accumulate a cash value. Will whole life keep up with an investment? Probably not, but it will give you another silo of money.</span></p> <p class="p1"><span class="s1">We also talk about whether Medicare will cover most medical needs in retirement and if you should shift from stocks to bonds as you get older. Listen to the full episode or use the timestamps below to jump to a specific segment. Thanks for listening!</span></p> <p class="p1"> </p> <p class="p1"><span class="s1">Read more and get additional financial resources here: <a href= "https://maestrowealth.com/">https://maestrowealth.com/</a></span></p> <p class="p1"> </p> <p class="p1"><strong><span class="s1">What we discuss on this episode: </span></strong></p> <p class="p1"><span class="s1"><strong>0:34</strong> – Can your social security be taxable?</span></p>