Radio Show #139: Financial Infidelity

Financial infidelity can be just as damaging and hurtful as any other type of infidelity. In this week's show, we provide advice about spouses hiding assets and salesmen hiding the truth!

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A few examples of bad behavior came to light during the show. The most egregious example was that of June, whose husband of 44 years has gone behind her back and moved retirement assets. What is her recourse and what should she do? Helen's case was not nearly as bad, but it appears that her husband has engaged a broker to manage their accounts without consulting her.

Then there's Jerry, who is a small business owner. A wolf in sheep's clothing (aka an insurance salesman) is pitching him a "7702 Retirement Plan" which is just a sneaky marketing gimmick to sell an expensive insurance policy.

With financial infidelity abounding, it's no wonder that Stanley is keeping all of his family's assets at T. Rowe Price, but is it OK to do business with only one company? The ability of the industry to grab at your dollars also means that if you are like Bill and have a decent paying I-bond, keep it! Same goes for Pam, who has just inherited $500K -- rather than invest it and assume risk and cost,  she should use some of the money to pay off her outstanding mortgage.

Finally, Susan wants to minimize the tax hit from her Required Minimum Distributions of her retirement accounts.

Thanks to everyone who participated and to Mark, the BEST producer in the world. If you have a financial question, there are lots of ways to contact us:

  • Call 855-411-JILL and we'll schedule time to get you on the show LIVE 
Radio ShowMark Talercio7702 plan, asset allocation, cash, fee only advisor, insurance sales, Rollover, VA, Variable annuity