- I’m Selling Inherited Artwork to Pay for Graduate School for My Grandchild. How Can I Limit the Taxes?
Decades ago, I inherited a valuable piece of art, and I’m now considering selling it to finance a grandchild’s graduate degree that will cost $80,000. What do I need to consider in regard to taxes? Do I sell the piece and pay taxes? Then I could give the money to my grandchild over two years… read more…
- When I Claim My $4,000 Social Security, Will My Wife Automatically Get a Spousal Benefit?
My wife is 76, born in 1948. She retired at full retirement age and currently collects $1,076 per month. I will be retiring and start collecting at 70 this year (I was born in 1954). When I collect $4,000+ per month does her monthly payment go up to spousal benefit automatically or does it have… read more…
- Will Doing $7k in Annual Roth Conversions Lead to Higher Social Security Benefits?
If we roll over $7,000 per yr from a traditional IRA to a Roth IRA for the next four years (which is when we will receive full Social Security), could it bump up the amount that we receive in Social Security? I realize that we would pay taxes on that rollover, but I was wondering… read more…
- Ask an Advisor: I’m Hiring an Advisor to Manage My $4-5 Million Estate. Should I Choose the $8k Flat Fee Over a $35k Asset-Based Fee?
I’m nearing retirement and I’m wrestling with hiring either a flat-fee or fee-only (AUM) advisor to help with retirement planning and ongoing investment advice for an estate worth between $4-5 million. There is a big cost difference between the two: the flat fee would be about $8,000 a year, while the fee-only advisor charges about… read more…
- Ask an Advisor: My Advisor Wants Me to Put 50% of My Money in Annuities. Is That Too Much?
My advisor is recommending I put over 50% of my portfolio in annuities. What say you? – Georgia As with most personal finance decisions, a lot hinges on the specific details of your situation. Fifty percent would likely be on the high side for most people, but that doesn’t mean it can’t be the right… read more…
- Ask an Advisor: Should I Cash Out My $200k in Annuities and Buy a Rental Property That Will Bring in $1,500 Per Month?
I’ve already retired and I’ve got $200,000 in annuities and I’m 60 years old. Should I get a monthly income from my annuities (which will be about $1,000 or withdraw all of the annuities, pay the 30% tax and invest in a rental property and use that money — approximately $1,500 — for an income?… read more…
- Ask an Advisor: I Plan to Retire Abroad But Need Another $300k-$400k. How Can I Get There?
I’m divorced three times, retired from the military and plan to retire from civil service in about four years at 64 years old. I have $150,000 in a thrift savings plan. I’m saving $900 monthly in this account and would be happy if it grew to $300,000 to $400,000. I’m also starting to put $600… read more…
- Ask an Advisor: I’m 44 With $1 Million in Retirement Savings. I Want a Backdoor Roth IRA, But I Don’t Know Where to Start
I’m 44 with $1 million in my 401(k), IRA and Roth IRA. Since my total household is above the threshold for investing in a Roth IRA, I have been considering employing the backdoor Roth IRA tactics. I left $700,000 in a 401(k) at my old employer. I am trying to strategize on “distributing” the old 401(k) balance… read more…