- 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…
- Financial Planning Before, During and After a Divorce
Navigating the complex world of finance is difficult enough on its own, but when you combine it with the emotional upheaval and legal proceedings of a divorce, it can become overwhelming. Financial planning at different stages of the divorce process is vital to minimize financial risks, ensure fair asset division and build a secure financial… read more…
- Ask an Advisor: I’m 61 With $900k in My 401(k) and $800K Sitting in a Money Market Account. How Should I Invest?
I have $800,000 sitting in a money market account because I don’t know what else to do with it. My hope was that I could put it in something that can yield around 4-5% growth. I also have $900,000 in my 401(k) that is sitting in minimal-risk accounts with Vanguard. I will be turning 62… read more…
- Ask an Advisor: How Do I Find a Financial Advisor to Manage My Workplace Retirement Plan?
I’m looking for a financial advisor who can help me manage my tax-advantaged workplace retirement plan. Finding such a person is turning out to be a real challenge. Some are too expensive (for me) and some don’t take a holistic view of my needs, including goals, risk profile, sources of income and so on. What… read more…
- 8 Traits to Look for When Choosing a Financial Advisor
Working with a financial advisor can make it easier to clarify your goals and develop a plan for reaching them. But what makes a good financial advisor? There are certain traits and characteristics that successful financial advisors share. Knowing what to look for can help you find the right advisor to work with. Once you’ve… read more…
- Ask an Advisor: We’re in Our Early 40s and Haven’t Started Saving for Retirement. We Have Over $20k to Invest. Where Do We Begin?
My husband and I are both in our early 40s, and he recently received a monetary gift from his deceased father of more than $20,000. We have nothing to speak of in regard to savings or retirement funds. As we’re in our 40s, what would you recommend we do? –Aubrey First of all, I’d like… read more…
- How to Get a Tax Credit For Leasing an Electric Vehicle
Drivers who would like to make the switch to electric can find a few different tax breaks to help them out. For people who lease, the best option comes via the Inflation Reduction Act. This law can give lessees access to a $7,500 tax credit for electric cars. While a similar credit exists for people… read more…
- Ask an Advisor: I Have $1.5M Invested With My Advisor and I Pay a 0.75% Fee. How Do I Know If I’m Getting the ‘Best Bang for My Buck?’
I’m trying to nail down what metrics I should use to evaluate how well my retirement account is being managed. I’ve vetted the company that “actively” manages my account. I have $1.5 million invested in a 50/50 mix of stocks… read more…
- Ask an Advisor: I’m 64 and Received a $50K Inheritance But I ‘Took a Bath’ in the Stock Market Once Before. Should I Put It Into High-Yield Savings?
I’m 64. I just inherited $50,000. I’m leary of investing it in stocks as I took a bath after 9/11 and saw my $70,000 401(k) cut in half. I have been looking at high-interest savings in digital banks such as… read more…
- Ask an Advisor: What Conflicts of Interest Can Arise Even With a Fiduciary?
The existence of fiduciary duty does not prevent potential conflicts of interest. Could you explain a little more about this idea? What types of conflicts could arise even with a fiduciary? – Marianne Finding a fiduciary is a great start… read more…
- Ask an Advisor: We’re in Our Mid-50s and Have $2 Million in Our 401(k)s. Should We Pivot to Roth Contributions?
We are a dual-income couple in our mid-50s with over $2 million in our 401(k)s. Should we “sacrifice” the pre-tax benefit and switch to Roth contributions at work? -Wendy Like most tax-related questions, the answer is “it depends.” Based on… read more…
- How Much Does a CPA Cost for a Small Business?
If you’re a small business owner, you’ve probably already suffered through a few tax seasons. While taxes for individuals can be complex, filing business taxes is arguably even more challenging. Hiring a CPA, a certified public accountant, can help, but… read more…
- Ask an Advisor: We’re 65, Have $1 Million Saved and $42K in Social Security Benefits. Can We Live on $90K Per Year?
My wife and I are both 65 years old. She will retire this year and I’ll work until I’m 67. We’ll get about $42,000 in Social Security and have about $1 million in savings. Can we live on $90,000 per… read more…
- Ask an Advisor: How Can Tax Rates Be Higher in Retirement Than Your Earning Years?
I recently attended a retirement seminar at a local community college where the instructor talked about potentially higher tax rates in retirement due to the new RMD age. I have been under the impression throughout my saving career that tax… read more…
- More Workers Say They Want Employers to Offer Financial Planning Help
Working with a financial planner has been shown to give retirement investors higher returns, lower stress and more confidence that they’ll have enough money on hand to enjoy their old age. And according to a new survey from Morgan Stanley,… read more…