The accurate answer to this would require an adviser to look at the pension documents and the choices you made when you began receiving the pension income. The most likely answer is your new wife will not receive a benefit if you were to die, because you have already started . . . .
Read MoreThe answer to this question will also depend on how much money you have in your 401(k), what your Social Security benefit is expected to be, and how much your annual expenses will be in retirement. If you have a sizable 401(k) (think more than 15x to 20x your annual . . . .
Read MoreConsidering you have a 3-year timeline, a standard savings account isn't optimal due to the low interest rates being unlikely to keep up with inflation. A money market savings account or certificate of deposit would be a better to consider. If you are comfortable with taking on more risk . . . .
Read MoreOther than the credit card debt, your other debt and your housing costs actually look quite good. If you can get the credit card debt paid off, you'll be doing very well financially. Your best bet is to make minimum payments on your student loans and your car loan and put everything you can . . . .
Read MoreFrom your question, it seems like you truly think working for the bank is the right choice, and I agree. You are not the only person who is going through a situation like this, although it might feel that way. I am also a professor of entrepreneurship and at least once a year I have a student . . . .
Read MoreI would be hesitant to pay for the home improvement either through withdrawing from a retirement account or getting a HELOC. Both options will increase your risk and harm your ability to enjoy a comfortable retirement over the long-term. There are other recommendations you should . . . .
Read MoreYes, you will want to contribute the maximum you can to the Roth IRA, which is $6,500 in 2018 (you get access to the $1,000 catch-up contribution for being over age 50). You may also need to save additional money into a taxable account to supplement your tax-advantaged retirement funds. . . .
Read MoreIn order to stay within your "safest" criteria, you would want to stick with an FDIC or NCUA insured account. You can get slightly higher interest rates by shopping around for high-interest savings accounts from online banks and credit unions. Currently (November 2018), rates on savings accounts are….
Read MoreAlthough I cannot identify a specific asset allocation without doing a lot more analysis and knowing what your current asset allocation is, my general comment are below. You seem to be positioned well for the future. In fact . . . .
Read MoreWhen credit cards carry a (any) balance they charge interest on the entire amount, even purchases, on a daily basis. So there is a difference, because the client in scenario B would accrue interest daily on the purchases they made that month, while in scenario A they are only accruing interest . . . .
Read MoreIt is possible to avoid paying taxes using a 1031 exchange option. Your thinking is correct, you would need to buy the new property and keep it as a rental for a period of time. But you must be careful. . . .
Read MoreThe end of last week saw a stock market drop which has many spooked and supposed experts have been using words like ‘market crash’, ‘historic drop’, and ‘recession’. Here are the 5 things you should do to keep the market downturn from ruining your financial plan.
Read MoreI am going to attempt to answer your questions as well as I can, but (and I can't stress this enough) this is not a decision you want to make based on advice off the of a website forum. You are considering a major irrevocable decision which could have significant . . . .
Read MoreDespite what you might hear, there are some very good ‘pros’ in favor of annuities. But, there are also a lot of very big ‘cons’ with buying an annuity. Annuities provide a fixed income until you die, which is very attractive for retirees. With a fixed annuity, the fact the insurance company is taking. . . .
Read MoreThere are no sure proof ways to safeguard a nest egg, but there are things you can do which will improve your protections and increase the safeguards. Below are some general recommendations which can help you see what tools are available to you to protect your wealth based on the. . . .
Read MoreBased on your information, the three strategies to begin exploring are maxing out your 401(k) plans, maxing out an HSA if you have access to one, and creating a Donor Advised Fund if you are . . . .
Read MoreIf you live in the house as your primary residence, you will be able to take up to $250,000 as profit without paying any capital gains tax ($500,000 if you are married). This would be the ideal . . . .
Read MoreYour wife is entitled to benefits based on your Social Security benefits, but it will not impact or reduce how much you receive. She is entitled to 50% of your benefits or 100% of her own benefit. . . .
Read MoreWhile there are some key differences between the plans, it is the underlying investment options and fees which should really drive this decision. Each of the plans will have predominantly the same …
Read More
