Financial Advisor

February 3, 2025A home seller may not owe any capital gains taxes on sale of a principal residence if the transaction qualifies for the Section 121 exclusion. However, under certain circumstances the seller may owe capital gains tax on at least part of the gain. It’s also possible for the entire gain to be taxed as ordinary… read more…

February 3, 2025What’s the best route for medical insurance without a work place option? I need two years of coverage before Medicare kicks in.  – Robert Health insurance and its associated costs are an important consideration in retirement – even more so if you retire before qualifying for Medicare at age 65. I don’t think there’s any… read more…

January 27, 2025Here is my question, which uses hypothetical values for simplicity: My RMD for 2024 is $10,000. Can I avoid paying the IRS the tax on that $10,000 this year by investing the full $10,000 RMD or the value of the tax on the $10,000 into a qualified longevity annuity contract (QLAC). I just retired in… read more…

January 24, 2025According to Experian, about 60% of Americans don’t understand their own finances. Within that group, another two-thirds say this has led them to mistakes costing $1,000 or more. So if you don’t feel like you have a great handle on your money, you’re not alone. To improve your personal finance management, consider taking these five steps.… read more…

January 23, 2025Lawyers often have high student loans to pay and can earn less than what many expect. In 2023, the Bureau of Labor Statistics (BLS) says that the median salary for a lawyer was $145,760 per year, which means that half of those in the legal profession earned less than that. So managing debt is a… read more…

January 23, 2025As a professional field, dentists are comfortably high earners. According to the Bureau of Labor Statistics (BLS), the median a dentist can expect to earn is roughly $166,000 per year, with many earning significantly more. And, unlike the long nights of their patients in law and business, and the 18-hour shifts of their medical colleagues,… read more…

January 23, 2025Divorce and remarriage can raise questions about how debt is divided and managed between former and new partners. In most cases, debt acquired during a marriage is considered marital debt and may be divided during the divorce process, depending on state laws. However, debt brought into a remarriage typically remains the responsibility of the individual… read more…

January 23, 2025Financial freedom is a term often mentioned in conversations about personal finance, yet its true meaning varies from person to person. For some, financial freedom is the ability to live without worrying about daily expenses, while for others, it represents the long-term goal of not needing to rely on a steady paycheck. Whatever your definition,… read more…

January 21, 2025I encouraged my wife to take a $40,000 Roth conversion in a lower tax year. Even though she has another Roth IRA at a different broker, she was encouraged to keep the money where she already had her 401(k), which we converted to a IRA and then to a Roth IRA. She is well past… read more…

January 14, 2025You can put a lot of money in your 401(k). Each year the IRS allows what is known as a maximum contribution to any pre-tax retirement account. For an employer-sponsored account like a 401(k), you can have up to $70,000 per year in joint employee/employer contributions in 2025 if you’re under age 50 — $23,500… read more…

January 13, 2025Is there a downside to taking your pension on a monthly basis vs. taking a lump sum? The monthly payments would be higher than the return I would get on the lump sum. – Claudette There are certainly some downsides of taking monthly pension payments instead of a lump sum. But that doesn’t necessarily mean… read more…

January 10, 2025Divorce can be a challenging and emotional experience. Not only that, the financial implications can linger long after the paperwork is finalized. For many, tackling debt after a divorce is a top priority. Whether it’s dividing credit card balances, car loans or mortgage debt, knowing how to manage the debt you’re left with can help… read more…

January 8, 2025Retrocession in investment management refers to the practice where a portion of the fees or commissions received by a financial institution, such as a bank or investment firm, is shared with a third party. This third party is often an intermediary, like a financial advisor or broker, who has facilitated the transaction or brought the… read more…

January 6, 2025Does the interest, dividends and capital gains from assets owned in my taxable brokerage account count toward the Social Security earnings limit? Only wages from employment or self-employment count toward the exempt earnings limit for those who file for early Social Security. Investment income won’t result in benefit withholdings, but it can influence the taxation… read more…

January 2, 2025A financial advisor should help you make informed decisions, but there are warning signs of a bad financial advisor that could indicate when they are doing otherwise. These signs generally  include pushing unsuitable products, lacking transparency about fees, or being unresponsive to your questions or concerns. If you’re unsure about sticking with an advisor, here… read more…

December 30, 2024I have had a Roth IRA and a Traditional IRA for well over five years and want to start converting the traditional IRA to the Roth IRA. My belief is that I could start withdrawing the converted funds without any penalty, since the Roth has been open for over five years and I am over 59… read more…

December 23, 2024I have two inherited Roth accounts that total around $80,000, and an inherited IRA account with around $80,000 from my partner’s 401(k) account. My partner sadly passed away this year at age 45. I am 70 years old. What are my RMD requirements for this year and the next few years? – Jose First of all,… read more…

December 19, 2024An advisor fee of 0.75% of assets under management (AUM) is not outside the range of normal. That doesn’t necessarily mean you are getting your money’s worth, however. To further evaluate your advisor, you can take a step back and decide whether you’re getting the right value out of them and whether you’re a good… read more…

December 17, 2024I am a 66-year-old retired woman. I left my 401(k) with my old employer – roughly about $300,000 – but now I’m thinking about rolling it over and don’t know where to begin. Can you advise me? -Renee Rolling over a 401(k) after retirement is a decision many people face, and while the process isn’t… read more…

December 13, 2024An independent financial advisor is a professional who offers personalized financial guidance without being tied to a specific financial institution or product provider. This independence can allow them to recommend a broader range of financial products and strategies, which may align more closely with client goals and preferences. Additionally, many independent financial advisors operate as… read more…

December 13, 2024Finding a good independent financial advisor involves evaluating their qualifications, understanding what services they offer and determining their compatibility with your financial goals. Independent advisors don’t work for larger financial services firms that sell products to advisory clients, and as a result, may have fewer potential conflicts of interest. However, the process of finding and… read more…

December 12, 2024The high-low method is used in cost accounting to estimate fixed and variable costs based on a business’s highest and lowest levels of activity. By focusing on these extremes, the high-low method helps determine the variable cost per unit and the total fixed cost. This provides insight into how expenses fluctuate with production. The high-low… read more…

December 12, 2024Early retirement is different. Every retirement plan is based on a combination of goals, risks and personal budget. You want to build a portfolio for security, so you never need to worry about money again, while also generating the returns that you need to maintain your lifestyle. Often, this means restructuring your portfolio in retirement… read more…

December 11, 2024A non-tariff trade barrier is a regulatory measure other than traditional tariffs that governments use to control the flow of goods and services across borders. These barriers include licenses, quotas and sanctions, which are often employed to protect domestic industries, safeguard public health and safety, or promote national security. For the average investor, non-tariff trade… read more…

December 11, 2024A financial advisor can play a pivotal role in managing your investments, planning for retirement and helping you navigate complex financial decisions. Vetting potential advisors ensures you find someone who aligns with your goals and understands your needs while providing transparent, professional guidance. Knowing what to look for, from credentials to costs, is key to… read more…