- 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…
- Ask an Advisor: Does a Financial Advisor Need to Look at My Entire Portfolio?
Is it possible to have someone advise me on only part of my portfolio and does that make sense? -Marda It really depends on both what you’re trying to achieve and what your financial advisor is willing to accommodate. In… read more…
- Ask an Advisor: How Much Money Can I Earn Working After Taking Social Security at Age 62?
How much am I able to earn from an employer if I opt to take my Social Security at age 62 next year? – Glenn To be very clear, you can earn as much money as you want while collecting… read more…
- Ask an Advisor: I Put $300 in My 457(b) Every Payday and Will Have an Extra $1,000 Per Month After Paying Off My Car. Should I Save or Invest the Money?
I’m 54, retired military and get $1,500 a month after taxes and medical deductions. I also have a 457(b) account for my current government job and I have been putting $300 into it each payday. I was paying $1,000 a… read more…
- Ask an Advisor: I’m 31, Make $80k Per Year and Have About $250k in Assets. Should I Switch to a Roth 401(k)?
My company provides both a traditional and Roth 401(k) option. My question is whether I should contribute to a traditional 401(k), Roth 401(k) or a mix of both. I am 31 years old, single and live in San Francisco. My… read more…
- Investor Panic: Potential Consequences of a U.S. Debt Default Revealed
Eight million is the sobering figure economists urge you to remember. If the U.S. were to default on its debt, the repercussions would be large: a staggering loss of more than 8 million jobs, accompanied by a protracted recession that could… read more…
- What the Tentative Debt Ceiling Deal Means For You
President Joe Biden and House Speaker Kevin McCarthy (R-Calif.) reached a tentative agreement to raise the U.S. debt ceiling over the weekend, allowing a ray of hope to peek through the fiscal cloud that had been hanging over D.C. This… read more…
- Ask an Advisor: I’ve Heard About the Benefits of a Bond Ladder Strategy. What Are the Downsides?
A financial advisor told me the pros of building a two-part bond ladder (three-year Treasurys and 10-year corporates) to generate fixed income and cover required minimum distributions (RMDs). What are the cons? -Ken When used in the right circumstances and… read more…
- Ask An Advisor: I’m 65, Earning at My ‘Absolute Peak’ and Won’t Retire Soon. Should I Use My Roth IRA for a $30K Home Improvement Project?
I am 65 and at the absolute peak of my earnings. I’m also in the 35% tax bracket and am not looking to retire soon. I need $30,000 for a home project. I have enough to take it out of… read more…
- 7 Financial Planning Strategies for Single Women
If you’re a single woman, most general financial advice also applies to you — but with a twist. As the gender pay gap holds steady, you may need to be a little more vigilant to create an independent financial future. Here… read more…
- Alarming Number of Working Americans Cash Out Retirement Accounts When Changing Jobs
The very essence of a retirement nest egg lies in the concept of patient growth and compounding of investments over time. Its purpose is to offer a bountiful reserve of funds when one bids farewell to the workforce, ensuring a… read more…
- Ask an Advisor: Should a Financial Advisor Ask for My Risk Tolerance or Use Their Own ‘Proven’ Investment Strategy?
Should a financial advisor ask me for my risk tolerance, then invest accordingly? Or do they use their own proven strategy? -Chris This question sets up a false dichotomy. These risk-related investing considerations are not mutually exclusive. Many financial advisors… read more…