So Money - Episode 77

Ask Farnoosh

Farnoosh Torabi

— To stream the interview click here.

— To download the mp3 right click here and choose “save as”

In this latest installment of Ask Farnoosh I tackle your questions about financial planning, investing for retirement, social security and working overseas. Check out the full questions below!

Erik asks:

What are the best firms for financial planning? I like to manage my own money, but it would be helpful to discuss planning and different scenarios… Seems most advisors want to manage your money – not advise you about it. Need to know things like: Can I retire in 5 years if I cut expenses by 75%? But what if I can only cut 40%? What if I work part time and make 3/4 of my salary?  It’s those questions that are difficult to work out alone…

Melissa asks:

Thank you for the valuable content you provide and taking the time to answer your listener’s questions.

My question is a little vague, but I’m wanting to invest in something that will compound interest. Unfortunately, I’ve waited around and am now 32 years old with no retirement plan and very little in savings.

I was thinking of a Roth IRA, but I thought I read you couldn’t invest in this if you were self-employed. I’m not currently self-employed, but it’s likely that I will be in near future. Do you have an opinion on what my best option would be?

Ron asks:

I’m 60 years old living comfortably off my investments,  in excellent health, taking no perscription drugs, own my own home & have zero debt, and planning to live long past 100.  Should I wait to take Social Security until 70, or begin in my early 60’s?  My fear is SS may get reduced or altered in the coming years.

Tracy asks:

Hi Farnoosh! I’m a single, 40 year old woman living in Los Angeles. I was laid off from my job and now have an opportunity to work in Vancouver BC for a year. My main concern is any financial ramifications of this international move – health care, taxes, retirement savings, exchange rates, etc. Can you offer advice or point me to resources with information to help me determine if this move would be a smart financial decision? Thank you


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