- Ask an Advisor: I’m 81, Have a $118K Mortgage and a $110K IRA. Should I Withdraw From My Investments to Pay off My Mortgage?
I am 81 years old. I have a home mortgage balance of $118,300. I also have a $110,000 rollover individual retirement account (IRA) invested with a bank. Should I withdraw the money from my investment and put the money to… read more…
- Ask an Advisor: ‘Am I Getting Fleeced?’ I’m 66, Contributing $272 Per Month to an IRA and Paying $136 Monthly in Fees. That’s 50% of My Contribution
I am 66 years old, still working and with very good health insurance. My company does not have a 401(k). I do have an individual retirement account (IRA) with approximately $120,000 invested. I contribute $272 per month, yet my program… read more…
- Ask an Advisor: Should I Pay off My Mortgage or Invest in CDs? I Refinanced My Mortgage at 2.375%, But I Can Get a CD at 4%. Plus, I Want to Retire in 7 Years.
I’ve been debating whether to pay off my mortgage. I’ve refinanced at 2.375% and can get a certificate of deposit (CD) for a year at 4%. I was adding to my mortgage payment by about $1,000 a month to pay… read more…
- Ask an Advisor: Can a Single Financial Advising Firm Address ‘My Complete Spectrum of Financial Concerns?’
Can one individual or organization cover my complete spectrum of financial concerns, including investment diversification and maximum returns, income tax optimization, required minimum distribution (RMD) management, and steady income cash flow? Is there a good way to survey fiduciary candidates… read more…
- Ask an Advisor: ‘I Am Giving Away 25% of My Return.’ Why Does a Financial Advisor Earn a 1% Fee, Even in a Bear Market?
Why does a financial advisor get a fee of 1% or more? That seems really high. If my return is only 4% (for example, in dividends), I am giving away 25% of my return, which is even worse with a… read more…
- Ask an Advisor: ‘I’m Depending on That Money.’ How Can I Plan to Retire When Republicans Are Threatening to Cut Social Security?
How can I plan to retire fully when the Republicans are threatening to cut Social Security? I’m almost 73, still working part-time and I’ve paid into Social Security my entire life. I’m depending on that money! -Karen Social Security benefits… read more…
- Ask an Advisor: I Am 60 Years Old, Have $1.1M Cash, $880K in a 401(k), Several Pensions and Social Security. Should I Retire Now?
I am 60 years old, married, with no mortgage. We also have $1.1 million in liquid cash and $880,000 in a 401(k). I will have two pensions, which have not started yet, and my wife will have one pension, all… read more…
- Ask an Advisor: Should I Cash Out My Annuities?
I have a significant sum invested in several annuities. I would like to switch that money into index funds and pay taxes as the money is withdrawn. Is this recommended? How would I do this? -Vlad Transferring any amount of… read more…
- Ask an Advisor: We Are 70 Years Old, Have $99K in Retirement Income, a $1.4M IRA and Other Investments. Is It Too Late to Convert to a Roth?
My wife and I are 70 years old. We’ve paid off everything, including the house. Between my pension of $29,000 and Social Security, we’re getting a gross of $99,000 a year in income, which is more than enough. Our current… read more…
- Ask an Advisor: What Documents Should I Bring to My First Meeting With a Financial Advisor?
For our initial consultation with a financial planner, they are asking for documents that include mortgage debt and the worth of all our real estate. When I call and speak to my mortgage company, what kind of information do I… read more…
- Ask an Advisor: My Investments Are ‘Dwindling Away Slowly.’ Should We Flee to Cash?
My wife and I currently have roughly $250,000, with half in our Roth individual retirement account (IRA) and a few small annuities, and the other half in various checking accounts and a money market account. We are both retired, have… read more…
- Ask an Advisor: Help Me Understand the Math. How Does Donating to Charity Reduce My Taxes?
If I give $50,000 in cash to a charity, does that lower my taxable adjusted gross income (AGI) by $50,000? So if my adjusted gross income was $100,000, and I gave $50,000 to charity, is my taxable income now $50,000?… read more…
- Ask an Advisor: When Taking RMDs, How Do I Avoid Locking in Losses? I’ll Be 72 Years Old Soon, and My Stocks Are ‘Way Down’ This Year
I will be 72 years old on Feb. 10, 2023. I have a traditional individual retirement (IRA) account. Most of the money is tied in stocks, and the stocks this year are way down. If I sell to pay the… read more…
- Ask an Advisor: ‘I’m Too Trusting and Gullible.’ How Do I Find a Financial Advisor Who Truly Acts as a Fiduciary?
How can I reliably verify that a specific financial advisor is a true and full fiduciary – and that they’re not just conning and misleading me? Is there a respectable and independent professional group that independently investigates and reliably certifies… read more…
- Ask an Advisor: I’m Interested in Investing in I Bonds. But What Happens Now That the Interest Rate Has Changed?
I want to understand how I bonds work. When the interest rate changes, does that new rate apply to previous bonds – but at a different rate? -Joseph I bonds have been popular lately and for good reason. The interest… read more…
- Ask an Advisor: Help Me Understand the ‘Best Way’ to Manage an IRA. Is It Better to Pay Taxes Now or in Retirement?
Which is the best way to handle an individual retirement account (IRA)? Let it sit and earn money, then pay taxes on the withdrawals in retirement? Or roll it over to a Roth IRA? Should I pay the taxes now… read more…
- Ask an Advisor: I’m 63, Have No Retirement Savings and Will Rely on Social Security. How Do I Begin Saving? Is It Too Late to Start Investing ‘This Late in the Game’?
I’m 63 and have zero retirement, just Social Security benefits. How can I begin saving? And where can I begin investing this late in the game? -Rita Saving for retirement is certainly easier and has a greater impact on you… read more…
- Ask an Advisor: I’m Over Age 73. How Do I Avoid the RMD Tax Bite?
I’m over age 72. What can I do about avoiding the required minimum distribution (RMD) tax bite? I have a steady stream of other income. -Bernie Tax-deferred accounts, such as 401(k)s and traditional individual retirement accounts (IRAs), are potentially great… read more…
- Ask an Advisor: Should I Stop Reinvesting Dividends?
Is there a point at which I should stop reinvesting stock dividends and invest the money or save the cash? -Anonymous Many financial experts recommend that you reinvest dividends most of the time – and I’m inclined to agree. The… read more…
- Ask an Advisor: My Kids Inherited $5 Million. How Should They Handle It?
My children have inherited $5 million of stock from their father (whose estate has not yet been dispersed after 11 months) leaving them with a 30% or so loss of value over which they have had no control. Is there… read more…
- Ask an Advisor: I’m Losing Money on Investments. How Can My Advisor Let This Happen?
I’m constantly losing money on stock and cryptocurrency investments. And I paid for the advice that has given me the information that I’ve used to do this. For example, I was told to buy a specific stock and lost money… read more…
- Ask an Advisor: I lost My Job. Can I Tap Retirement Accounts Without Penalties?
I lost my job last year and need to take care of a parent. In doing that, I must withdraw money from my retirement. I don’t understand the tax implications and penalties. I would also like access to any savings… read more…
- Ask an Advisor: Can My New Wife Draw on Her Ex’s Social Security?
Can my new wife draw on her ex-spouse’s Social Security in any circumstance after remarrying? Specifically, during the one-year waiting period for my wife to collect on my record, can she collect on an ex-spouse’s record? Or can my wife… read more…
- Ask an Advisor: I have $225K in the Stock Market. Should I Cash Out Some of It?
I currently have approximately $225,000 invested in the stock market. Most of that is in conservative stocks and bonds. Do you have an opinion about staying the course or liquidating all or a portion for a few months or years… read more…
- Ask An Advisor: I Live on Social Security and Food Stamps. Can I Protect My Investments in a Down Market?
I’m retired and living on Social Security and food stamps. I have all my money in two conservative retirement accounts. I cannot contribute any money to them. I plan on taking distributions in five years. What’s the best course of… read more…