Ask an Advisor

March 25, 2024I’ve had a fiduciary financial advisor for over five years. He recommended a type of sister company working with him to handle my account. I never hear from him unless I email a question or ask to invest in a CD or stock. Is this the way a financial advisor should act? He lets the… read more…

March 22, 2024While I can understand that a financial advisor’s life is private, is there a “proper way” to ask your advisor to invest your money in the same things he or she invests in? My feeling is that either both you and the advisor will come out smelling like a rose … or both of you are… read more…

October 28, 2025I’m 68 and recently retired and have about $1.4 million in accounts intended for retirement ($1.2 million in a Traditional IRA and $110K in a Roth). I also am receiving about $47,000 annually in Social Security benefits. My RMDs are scheduled to start in 2027, and as a result, my financial advisor and I are… read more…

March 7, 2024I’m in my mid-70s and I’m considering purchasing an immediate single premium lifetime annuity for myself using a portion of my regular IRA account as the source of the premium I would be paying. Having been notified of my 2024 RMD based on the Dec. 31, 2023, balance (assume the RMD is $50,000), do the… read more…

November 14, 2025At the age of 60, I recently entered retirement after being a business owner. I’ve been securing health insurance through the marketplace since its inception. Currently, my income is derived solely from withdrawing money from my taxable portfolio, comprising reported dividends and capital gains totaling less than $60,000 annually. An advantageous outcome of this approach… read more…

February 28, 2024If I turn 73 in 2025 and take out my first RMD before Dec. 31, 2025, it would be 2025 income. If I wait until the April 1, 2026 deadline for RMDs, would the withdrawal still count as 2025 income? I still have to take another RMD before Dec. 31, 2026, which would be 2026… read more…

February 21, 2024I’m 54 and would like to retire next year. I intend on moving out of expensive New York City to Florida where I will purchase a home outright with cash for $600,000 to $650,000 (financed from the sale of my home last year). Additionally, I have a 457(b) plan with a $1.4 million balance and… read more…

July 8, 2024I‘m a 68-year-old single man in good health and I plan to work until I am 70. As of now, I have $400,000 in CDs, about $1 million in stocks, and about $1 million in my 401(k) and IRA combined. When I retire, I will get about $4,200 in Social Security and I have $4,000… read more…

October 23, 2025I’m a 43-year-old woman with a partner (not legally married) and no kids. I currently have $500,000 in a 401(k) and contribute up to the pre-tax limit every year, plus $10,000 in non-deductible contributions. I have $50,000 in an IRA and bonds, $100,000 in stocks and $100,000 in savings. I own a rental property that… read more…

February 20, 2024I am 73 and my wife is 70 with one son. We have $235,000 in a savings account and we each have $250,000 in Roth IRAs. We also have $1.675 million in a brokerage account and $1.55 million in a 401(k). Everything other than the two Roths are invested solely in stocks and the two… read more…

February 21, 2024I am 64 ½ and have been retired for just over a year. I am receiving Social Security benefits, a bit early, but have not touched my nest egg except to withdraw $10,000, which I placed in a high-interest savings account as an emergency fund. Would it be wise to use part of that cash… read more…

October 29, 2025We have a combined pension and Social Security income of $8,400 per month that will only drop to $6,730 if one of us passes away. Our RMDs will start soon and we have $1.6 million in a 401(k) which we feel we can use a low-cost (expense ratio 0.12%) total return target fund to avoid… read more…

February 2, 2024My wife and I plan to retire before age 59 ½. How many different 72(t)s can a household utilize? For example, if I have two traditional IRAs at two separate brokerages, can I take substantially equal periodic payments from each or do I need to consolidate them into one first? Since we file our taxes… read more…

February 27, 2024My advisor charges a 2% fee for financial advice. He does not provide tax advice. My portfolio is currently worth around $850,000. Does this fee sound appropriate? – Tim Without knowing the full scope of services delivered by the advisor, 2% may be too expensive for a portfolio of your size and for a relationship… read more…

January 22, 2024Does Social Security recognize common law or do you have to be legally married? My potential life partner is currently on disability collecting Social Security in a neighboring state. If the spousal rate is higher, can he then collect that and also continue to claim his disability? – Penny Yes, the Social Security Administration (SSA) does… read more…

August 6, 2025I’m in my first year of required minimum distributions of $36,000, which is causing me to be taxed on my $33,000 in Social Security benefits. What is a good strategy to reduce my RMDs below $25,000 so my Social Security benefits do not become taxable? Would taking a lump sum from my pre-tax IRA and… read more…

October 29, 2025Do withdrawals from my pre-tax IRA and/or 401(k) accounts made before I turn 73 count toward my RMDs? Or do RMDs start at 73 without regard to prior withdrawals? I’m 70 now and still working and collecting Social Security, but plan to retire in 2025. -Luis Unfortunately, withdrawals from an IRA or 401(k) before age… read more…

September 22, 2023My wife started collecting Social Security at age 65, but it’s a tiny amount. I am planning on retiring in two years at 65 (67 is my full retirement age). Can my wife collect spousal benefits of 50% of my full retirement benefits once I retire? – James Unfortunately, the likely answer is “no,” although… read more…

September 27, 2023I am 74 years old (I was born Feb 2, 1948). My wife and I both worked for Aetna, but have retired and have 401(k)s from work that are with Vanguard. I received her 401(k) as a spousal inheritance and maintain it in a separate account. I plan to take RMDs on her account but… read more…

September 18, 2023My wife and I bought long-term care policies 25 years ago when they were relatively cheap. Now, our premiums have increased for the third time to over $500 per month and will rise again in six years. I figure I’ve already paid about $72,000 in premiums. Now, in our late 70s, I’m trying to decide… read more…

October 29, 2025When I retired in September 2022, my 401(k) was invested aggressively (90/10 split between stocks to bonds) and lost approximately 30%. I left the 401(k) invested in mutual funds in hopes it would gain back some of the losses. A year later it has gained back approximately 20%. I’m not required to take RMDs for… read more…

September 8, 2023I recently learned that I am the beneficiary of an annuity in the amount of $54,845 from a friend. I was given choices on how to receive the money: lump sum, roll it over or defer the payments over a certain number of years. I don’t have anything saved for retirement and I don’t know… read more…

October 29, 2025I am selling my house and the price is $504,999. After paying off this house I will net $400,000. Do I have to pay a capital gains tax as I’m planning to pay off my retirement home with the money I netted?     – Thomas Got a question you’d like answered? Email AskAnAdvisor@smartasset.com and your question may be… read more…

December 5, 2023I am 37 years old, married with three children. I have a credit card debt of $21,000 with a 24% interest rate. I also have a time-limited, no-interest credit card balance of $10,848 that is due September 2023. I have $14,000 in liquid cash and $9,000 accessible in a retirement plan. My net income is… read more…

October 28, 2025Is it wise to start converting my 401(k) into an IRA (and then Roth) by 10% per year in order to avoid having to claim too much income each year when converting and also avoid RMDs as much as I can?     – Cathy Got a question you’d like answered? Email AskAnAdvisor@smartasset.com and your question may be… read more…