Smart Money Questions

Weekly investing and financial planning wisdom seeking to provide answers to your financial questions with your host, Matt Hausman.

Understanding Property and Casualty Insurance with Ted Wolfer

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You’ve likely carried an auto and homeowners policy for many years and don’t think too much about it, but your property and casualty insurance is your protection from major financial disaster. We talk with an insurance specialist to get a better understanding of these policies and what we should be paying attention to.


Show Notes and Additional Resources: 


Today's Rundown: 

0:21 – Today we’re talking property and casualty insurance with Ted Wolfer

1:31 – Start by helping us understand what this insurance is?

2:09 – Understanding auto insurance and the requirements vs the add-ons.

5:34 – Are there minimums that are required for vehicles you lease or have a loan on?

6:30 – Understanding the liability minimums you might have seen on your policy.

8:55 – Here are the recommendations Ted and his office makes.

10:40 – The difference in premiums is usually very small.

11:29 – Something that confuses Matt on his policy.

15:31 – Understanding what’s covered and what’s not on homeowner’s insurance.  

14:13 – Again, premium increases to cover a much higher amount is around 5% 

20:22 – Explaining code enforcement and why it’s important for insurance policies.  

23:34 – What does an umbrella policy cover?

29:28 – Property and casualty insurance policies need to be evaluated on an on-going basis.

30:01 – How to get in touch with Ted to get more information or discuss policies.

3 Listener Questions About Investing, 401k, and Retirement

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You never know what kind of questions or scenarios you’ll come across when working with clients. But that’s what makes planning exciting. Today we’ll pull three great questions that we’ve heard recently involving 401k rollovers, investing rental property proceeds, and the challenge of spending in retirement. We’ll go in-depth on each answer to show you how we approach each situation.


Full Show Notes: 


On This Episode: 

0:34 – The plan for today’s show.

3:07 – Question: I’m selling one of my rental properties in the next month or two and I don’t have any plans to buy another one. What’s the best thing to do with the money from that sale?

4:08 – The first thing to consider is your tax obligation when selling the property?

5:19 – What the IRS is looking at when calculating your taxes.

6:26 – Now what to do with that money. Here are some options.  

8:00 – This question reminds Matt of a past client. This is how it played out.   

9:58 – You want to understand your tax costs, much like you would for a 401k.

13:04 – Question: Are there really no tax implications for rolling over my 401k?

13:39 – First thing to do is reach out and see what your company’s policy is for transferring.

14:13 – How the transfer will actually work.                          

17:05 – What about an old 401k? Is it the same process?

18:18 – Question: Ever since I retired, I’ve had a really hard time spending money. Something about not having a paycheck makes me nervous.

19:38 – Matt’s advice to Jay involves a distribution plan.

20:24 – Look at your budget in these three categories.

21:27 – Five places you can generate income in retirement.


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