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Retirement Planning: Getting Advice

Q: How can I get my spouse interested in saving for retirement? My spouse isn’t a planner and feels as though we have enough assets. Are assets include a home valued just under $1 million. We have a rental property, about $75,000 in an emergency fund, and he makes $110,000 per year. We also have about 30 to 40 motorcycles valued from $5,000 to $70,000. We don’t have major credit card debt and we are insurance poor with all vehicles and motorcycles. We do not have a pension or 401k. So how can I get my spouse interested in planning for retirement and income investing?

A: Well, for not planning you two have managed to accumulate a vast pool of valuable assets. That is very good news. What you need to do is have a plan to “monetize” them if either your husband decides to retire or if an unforeseen accident or medical issue were to occur. With that being said, the way you could approach your husband is to say: “Honey, I know we have all this valuable “stuff” but I wouldn’t know what to do with it to generate the income I would need on a monthly basis if something happened to you…and I would feel more comfortable having a plan in place.”

Now, to put your mind at ease, while savings is absolutely very important, upon review of your assets it appears you would be able to liquidate some assets you do not necessary need (e.g. 30 – 40 motorcycles valued between $5,000 and $70,000) and invest the money to provide monthly income. After having that conversation with your husband I would suggest making an appointment with a financial advisor so that you have a plan on what to do with your existing assets and any additional savings to live on when your husband retires at some point, or if an accident were to happen to him.


 

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