- Finding a Financial Advisor as an American Expat Overseas
Living abroad introduces new layers of complexity to personal finance, especially when managing investments, taxes and retirement across borders. An expat financial advisor can help address issues that are unique to Americans living overseas, such as FATCA compliance, foreign income reporting and where to bank. An advisor may also offer insight into cross-border estate planning… read more…
- Where Airfare Increased the Most Year Over Year – 2023 Study
Finding a flight at a reasonable price is easier said than done, whether for summer travel, family visits or trying to book ahead of holiday surges. However, data shows that what you pay largely depends on where you live: Flight prices at some airports are increasing much more than others. To track where people and… read more…
- Which Professional Do I Need for the Tax Calculation of a Roth Conversion? A CFP, Financial Advisor or Tax Preparer?
Which professional do I need for the tax calculation of a Roth conversion? A CFP, financial advisor or tax preparer? I’ve reached out to tax preparers before but they seemed to have no idea what I was talking about. My income right now is very low so I would like to take advantage of this… read more…
- What Is a Trade Signal?
Investing in the financial markets can be a challenging endeavor. Trade signals are one tool that traders, investors and financial advisors use to navigate the complexities of the markets. These signals, which can indicate when it might be profitable to buy or sell a security, can help investors and financial professionals make informed, objective decisions. … read more…
- Ask an Advisor: I’m Selling My House and Netting $400k to Pay Off My Retirement Home. Do I Have to Pay Capital Gains Tax?
I 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 The answer is solidly “it depends,” both in terms of whether… read more…
- Ask an Advisor: How Do I Pay Off $31K in Credit Card Debt in 2 Years? I Have $14K in Cash and $9K in Retirement Savings
I 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…
- What Are the Qualified Charitable Distribution (QCD) Rules?
An individual retirement account owner aged 70 ½ or more may be able to withdraw money from the account tax-free and use it to support favorite causes with a qualified charitable distribution (QCD). However, a number of rules govern QCDs, including age requirements and restrictions on the types of retirement accounts. A financial advisor can… read more…
- Ask an Advisor: Is it Wise to Convert 10% of My 401(k) into a Roth IRA Each Year to Avoid Taxes and RMDs?
Is 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 It’s definitely smart to be thinking about this, Cathy. Systematic Roth conversions like… read more…
- Ask an Advisor: I Have $1.15 Million Saved and Will Collect $3,500 Per Month in Social Security. Can I Retire at 62?
I am 57 and have $1.1 million in my 401(k) and $50,000 in a high-yield savings account. I earn $300,000 per year and put $30,000 in my 401(k) each year plus a match on the first 6%. I have a $220,000 mortgage on a home valued at $550,000. I would like to retire at 62… read more…
- How Quickly You Can Borrow From Your Life Insurance Policy
Borrowing from your life insurance policy can be a quick and convenient way to get cash in hand whether you need the money for an emergency expense or an impromptu vacation. Below, we’ll explore how quickly you can borrow from your life insurance policy, the potential benefits and drawbacks of life insurance loans, as well… read more…
- Cost of Living Shakeup: How Price Changes Affected U.S. Cities This Year – 2023 Study
Red-hot inflation pushed the cost of living in the U.S. higher and higher over the last two years. But as inflation abates and Americans continue to migrate to different parts of the country, the relative expense of different areas may still change with demand. To see where the cost of living has gone up the… read more…
- Are You Happy With Your Financial Advisor? If Not, Here Are Some Tips for Switching
If you’re looking to build wealth, get ready for retirement or anything in between, you may find it helpful to work with a financial advisor. Not only can these experts guide your investments and saving during your working years, their advice can be vital to managing the complicated questions of taxes and withdrawals after you… read more…
- What Are the Differences Between RIAs and IARs?
When it comes to managing your hard-earned money, would you rather entrust it to a registered investment advisor (RIA) or an investment adviser representative (IAR)? An RIA often refers to a firm that is registered with the SEC or their state’s securities agency while an IAR refers to individuals working at the RIA, who provide… read more…
- The Series I Bond Frenzy is Dying Down. Is Now the Time to Cash Out?
Inflation has begun to cool, and that may translate to some assets. The Treasury’s Series I Bonds, or “ I bonds,” are no longer the prized savings tool they were 12 months ago. As cost increases slowed over the past year as Federal Reserve raised interest rates, it was inevitable that this inflation-tied asset would… read more…
- How to Find a Financial Advisor on a Low Income Budget
Developing money management skills can help you get better at saving and investing, both of which are important for building wealth. A financial advisor can lend their expertise to help you get where you want to go. If you have a low income or limited budget, you might assume that hiring an advisor is off… read more…
- Ask an Advisor: I’m 73 and My 401(k) ‘Hasn’t Been Doing Well.’ Should I Withdraw My Money and Invest in CDs?
I’m 73 and my 401(k) hasn’t been doing well for the last few years. Would it be a good idea for me to withdraw my money from my 401(k) and pay the tax that I will have to pay eventually anyway, and then invest the rest of my money in CDs? -Archie Your desire for… read more…
- Ask an Advisor: ‘Should I Be Moving Stocks to Bonds?’ I’m 65 and Have 82% of My 401(k) in Equities
In my 401(k) retirement plan, I’m 82% stocks. I’m 65 and still working. Should I be moving my stocks to bonds? -Bob While it’s not a satisfying answer, the real answer is that “it depends.” The decision of whether to shift your 401(k) to a more conservative asset allocation will depend primarily on your longer-term… read more…
- Ask an Advisor: I’m a Commissioned Employee But My Job Doesn’t Offer a Retirement Plan. What Are My Options?
I am a hairstylist working as a commissioned employee, not an independent contractor. My employer offers no benefits, so I have been doing it on my own with a Roth IRA and taxable brokerage account. Are there any other tax-advantaged options for my situation? -Darcy Yes, as an employee your options are more limited. If… read more…
- Could Auto-IRA Legislation in Your State End Your 401(k)?
It’s been well-documented that American workers aren’t saving enough for their retirement, and both federal and state governments have been taking action to avoid having a nation full of poverty-stricken senior citizens. Now, a total of 18 states are requiring employers who don’t offer a 401(k) account or similar workplace retirement savings plan to automatically… read more…
- Stockbroker vs. Financial Advisor
The choice between engaging a stock broker or a financial advisor can be a question occupying your mind as you embark on organizing and growing your finances. Making informed decisions about your financial management requires understanding the distinguishing aspects of these two roles. Both professionals have different responsibilities, qualifications and payment methods. A financial advisor… read more…
- Ask an Advisor: I’m 77 and Still Working. Is it True That I Don’t Have to Take RMDs?
I’m 77 years old and I requested my 401(k) fund administrator to prepare my RMD. I was told I do not have to withdraw my money if I am still employed. Please confirm if this in fact an IRS rule or that of the fund management company? -Bea That is correct, Bea. If you are… read more…
- How Many Financial Advisors Do Wealthy Investors Meet Before Hiring One? You May Be Surprised
You’d think before they hand a large sum of money over to a financial advisor, wealthy investors would check out and interview a number of candidates to handle their life savings. However, a new study shows you’d be wrong. Consider working with a financial advisor for expert advice on managing assets and creating or updating a… read more…
- Is a Virtual Financial Advisor Right for You?
Virtual financial advisors that are based online are emerging as an attractive option for those seeking more affordable, yet tailored financial advice. It’s important to recognize the potential benefits virtual financial advisors offer, grasp the process of working in tandem with one and learn how to select the right advisor for your specific needs. If… read more…
- Ask an Advisor: I Have 4 Kids and Make $85k But My Husband Doesn’t Work. How Do I Start Investing So I Can Pay for College?
I’m in my mid-40s, married with four kids. My husband doesn’t want to work and has left the financial responsibilities to me for as long as I can remember. I don’t have much in my savings account or in my 401(k). My annual income is only around $85,000. My eldest is about to start college,… read more…
- Ask an Advisor: How Can I Get the Biggest Benefit From an Electric Vehicle Tax Credit?
I purchased a Ford electric vehicle in February 2023. According to the IRS, it qualifies for a $6,843 tax credit. So in order to get my taxes to this amount, I’m not paying estimated taxes and will take a little more than my required minimum distribution from my IRA to get my tax liability up… read more…