1) We have a family run business and my teenage daughters are earning paychecks from the business. Right now they are contributing to a simpleIRA plan set up through Northwest Mutual with a 3% match from the business. My question is, is there a better place for 15 and 17 year olds to save their money. These contributions are made pre-tax so I'm a little worried about their tax liability down the road. Any help would be appreciated!
2) I have a question about Term Life Insurance. I am getting ready to retire (I’m 55), but my husband will continue to work for at least 10 years (he is 42). We will be living off his salary until he retires.
We have around $500k invested in 401ks, Roth IRAs and brokerage accounts. Good emergency fund. No debt. Paid off house. He will continue to put at least $3000 a month into investments until he retires. We live very frugally, but do take one nice vacation every year.
I am concerned that something could happen to him while we are still living on his salary. My grandfather and father died very young, and their wives were left with almost nothing, so I feel like it’s a valid concern for me.
Do you think Term Life insurance is something we should look at, for maybe a 10 year policy?
3) What are your thoughts on living off dividends with about $1.5M at age 56?
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