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The Your Life, Your Money Podcast helps you thrive in life, wealth and retirement. The show is designed to navigate the complexities around money, building and securing wealth, and achieving financial independence. Scott Sierens, financial advisor at Sierens Financial Group, will provide thoughts, strategies, and ideas on each episode to help you make smart and sound financial decisions. The goal is to take complex financial subjects and make them simple and easy to understand so you can feel confident to take action, enjoy life, and eliminate financial stress and anxiety.

Scott, along with guests from across various industries, will cover topics such as tax savings strategies, investment and wealth management, IRAs, 401(k)s, retirement planning, income strategies, pensions, estate planning, social security, healthcare, and much more.

Retirement isn't an age or number. It's finding the balance between living life today and feeling financially confident about YOUR tomorrow.

Ask Scott your questions by calling 847-235-6989 or check out our podcast website at for more resources.

Jan 5, 2023

It’s time to open up the mailbag again and answer some of your financial questions on the podcast, and we have a few really good ones to tackle today. Whether you’re in retirement or getting close, there will be some good information that we think you’ll relate to with your own financial planning.

So a few of the things we’ll address in this episode are whether or not you need life insurance in retirement, how to inherit different account types and manage the taxes associated with each, and what to do about taxes in a brokerage account generating dividends.

Here’s some of what you’ll learn in this episode:

  • Do you need life insurance in retirement if you have a significant age gap with your spouse? (2:14)
  • The natural transition from life insurance to long-term care insurance in retirement. (9:41)
  • Tax planning strategies for accounts paying consistent dividends. (12:19)
  • Is it worth choosing capital appreciation investments over dividend-paying investments? (16:30)
  • What you need to know about inheriting different types of accounts and the taxes you have to pay. (19:55)
  • Why you might benefit most from taking advantage of the step-up in cost basis. (24:13)


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