How to Invest Unneeded Social Security Benefits

Happy to be quoted in U.S. News & World Report and be able to help investors understand the benefits and risks of investing Social Security proceeds.

InvestingJoshua Escalante Troesh, CFPMarch 19, 2019Quoted, Retirement & Legacy, Retirement Planning, Individual Retirement Account, 401(k), Social Security

I want to invest some of my savings with a long-term strategy to use to pay back the loans I will be taking out for school; what kind of investment strategies or accounts should I consider?

Before we discuss the investment opportunities for paying back the loans, start by talking with a financial planning specialist to identify additional financial aid opportunities to offset the schooling costs. Although it's great you . . .

Investing, Debt ManagementJoshua Escalante Troesh, CFPMarch 14, 2019Starting Out, Financial Foundation, Student Loans, 529 Plan, Debt payoff, Debt Management

How much do foreign income and foreign income tax credit impact my tax return?

There is definitely a chance you filled out the tax form incorrectly. Even when using software, the chances for error are extremely high. While it is possible the foreign income could have caused a swing, it seems unlikely to . . . .

Tax PlanningJoshua Escalante Troesh, CFPMarch 7, 2019Foreign Income Tax Credit

Should I roll my traditional IRA into my new 401(k) account?

The first place to look is at the new 401(k) plan's investment options and fees. It is quite common for 401(k) plans to have very limited investment options and very high fees. It is still worthwhile to invest in them to get the . . . .

Retirement PlanningJoshua Escalante Troesh, CFPFebruary 28, 2019Starting Out, Choosing an adviser, Managing Wealth, Individual Retirement Account, Retirement Planning, 401(k)

With only $192,000 saved, should I retire or not?

Ultimately this is a math question: is your savings large enough to provide you with sufficient income if you retired today. With $192,000 saved, a skilled adviser could provide you with a monthly income of between $500 to $750. (Some advisers may . . . .

Retirement PlanningJoshua Escalante Troesh, CFPFebruary 21, 2019Retirement & Legacy, Retirement Planning, Savings

What should I do with my annuity in its second year if the cap and spread values have been lowered?

I am sad you are having to deal with this. The annuity representative should have explained this to you and made sure you understood what you were buying. The contract/prospectus for annuities are very long and very . . . .

Retirement Planning, InvestingJoshua Escalante Troesh, CFPFebruary 14, 2019Retirement & Legacy, Retirement Planning, Annuities, Annuity, Individual Retirement Account

Should I reduce my 401(k) contributions to save money for a down payment?

I think either of the two options would work well, since you would still be contributing at least 10% to your retirement account (you can count your contribution and your employer's contribution for this benchmark). At your . . . .

Life Planning, Retirement PlanningJoshua Escalante Troesh, CFPFebruary 7, 2019Buying A Home, Starting Out, Building Wealth, 30-year mortgage, 401(k), Retirement Planning, Roth IRA

Should I pay down student loan debt or start a business?

As a professor of entrepreneurship, I'm in favor of you starting the business, especially since you have the desire to be able to work from home as a mother. Your financial plan should be developed to support your life goals . . . .

Life Planning, Debt ManagementJoshua Escalante Troesh, CFPJanuary 31, 2019Business Owners, Student Loans, Entrepreneurship, Starting Out, Financial Foundation, Debt Management, Debt payoff

Is there a daily record of short trading?

This information is reported, but it is not as highly publicised as total volume for two reasons. First, more people are interested in buying a stock than shorting one and shorting a stock has unlimited risk. Second, every stock . . . .

InvestingJoshua Escalante Troesh, CFPJanuary 24, 2019Stock, Investment portfolio

Pros and Cons of Investing in Private Securities

Happy to be quoted in U.S. News & World Report and be able to help investors understand the benefits and risks of private placement investing.

InvestingJoshua Escalante Troesh, CFPJanuary 19, 2019Private Placement, Quoted

Is a cash value life insurance policy a good idea for me in retirement?

When I see advice like this my 'Spidey sense' starts to tingle and I worry the other advisor might be motivated to sell a product rather than give you good advice. If you have a need for life insurance during retirement, this . . . .

Retirement Planning, Insurance PlanningJoshua Escalante Troesh, CFPJanuary 17, 2019Retirement & Legacy, Retirement Planning, Whole Life Insurance, Term Life Insurance, Asset Allocation

Will my husband's financial advisor be able to learn about my personal credit card debt when reviewing our finances and joint tax return?

No, your financial adviser will only have access to information approved and provided by you and your husband. This information may come out if you and your husband were to submit your credit reports to the adviser for. . . .

Debt Management, Life PlanningJoshua Escalante Troesh, CFPJanuary 10, 2019Young Families, Debt payoff, Credit Card Debt, Debt Management, Starting Out, Choosing an adviser, Budgeting

What happens to my pension after I remarry?

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 . . . .

Retirement PlanningJoshua Escalante Troesh, CFPJanuary 3, 2019Retirement Planning, Retirement & Legacy, Pension

Should I take money out of my 401(k) to pay off my house and save money on the mortgage payments in retirement?

The 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 . . . .

Retirement Planning, Debt ManagementJoshua Escalante Troesh, CFPDecember 27, 2018Retirement Planning, Retirement & Legacy, Managing Wealth, 30-year mortgage, 15-year mortgage, 401(k), Social Security

I am saving for a down payment for a house; should I keep the money in my savings account or move it somewhere different?

Considering 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 . . . .

Life Planning, InvestingJoshua Escalante Troesh, CFPDecember 20, 2018Buying A Home, Ginny Mae Fund, Treasury Bond Fund, Investment portfolio, Money Market Funds, Money Market Accounts, Savings, Certificates of Deposit (CDs)

How should I get out of debt?

Other 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 . . . .

Debt ManagementJoshua Escalante Troesh, CFPDecember 13, 2018Debt Management, Starting Out, Financial Foundation, Credit Card Debt, Student Loans, Stafford Loan, Debt payoff, Budgeting

Should I take a lower salary working for my family or pursue a higher paying job for a good company?

From 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 . . . .

Life PlanningJoshua Escalante Troesh, CFPDecember 6, 2018Starting Out, Financial Foundation, Business Owners, Career Development, Career Advice, Career Planning

Should my wife and I deplete our cash reserves, withdraw from my 401(k), or use a HELOC to finance home improvements?

I 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 . . . .

Life Planning, Retirement PlanningJoshua Escalante Troesh, CFPNovember 29, 2018Retirement & Legacy, Retirement Planning, Buying A Home, Managing Wealth, HELOC, 401(k), 30-year mortgage, 15-year mortgage, Social Security

As a 58-year-old woman who needs to save for retirement, what is the best way to save?

Yes, 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. . . .

Retirement Planning, InvestingJoshua Escalante Troesh, CFPNovember 22, 2018Retirement & Legacy, Retirement Planning, Social Security, Individual Retirement Account, Claiming Strategies, Roth IRA

What is the safest way to earn a higher interest rate on our money than by using our traditional savings account or a money market account?

In 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….