Saving for Retirement & Investing Profits

On this week’s Hanson McClain’s Money Matters, Scott and Pat take several calls addressing everything from saving for retirement to investing the profits from the sale of a property or business. Scott and Pat take a call from a man who recently met with a financial advisor who is trying to sell him a life insurance policy and he wants to know if it’s a good investment. A caller is planning to sell his engineering business and would like to understand the best way to invest the proceeds of the sale. A man with a college-age daughter would like to “gift” his daughter $10,000 for education but wants to know if that gift is tax deductible. A 67-year old man purchased land when he was in college and is now planning to sell the land and wants to know what he should do with the profits to generate retirement income. A caller owns property in a neighborhood she would like to leave and wants to know if it makes sense to do a 1031 exchange to a new property. A woman in her 40’s works for an employer who recently dropped her 401(k) plan and she wants to know what’s the best way to continue to save for retirement.