QUESTION: “I get very stressed during the holidays because of money. I want my children to have all the things I didn’t have growing up. Unfortunately, this sometimes put me into a financial bind. What should I consider when spending for the holidays?"
Question: “You appear to be the most knowledgeable advisor in the area in regards to company benefits. I am a Frontier employee currently contributing 4% to my 401K on a pre-tax basis. I would like to up that to 8% in 2019, where should I put that money?
Question: "My son is getting married and I’d like to give him gift of $20,000. I have an IRA account, an Annuity and a Roth IRA. Where should I take the money from? And will I have to pay any penalties? "
Question: Today’s question comes from Terri from Weston. Terri writes “I heard you talk a lot about the Department of Labor Fiduciary standards that were going to be put in place. Whatever happened to those rules and do advisors have to follow them?”
Question: Today’s question comes from Monica from Clarksburg. Monica writes “I just started a new job. My new employer offers the option to do pre-tax or Roth contributions to our 401k plan. Which one should I do?”
Question: “We are currently struggling paying our home equity loan. We have some saving bonds that are past their due date, what are your thoughts on cashing them in and using that money to pay down the home equity debt?”
Question: Today’s question comes from Sara from Glenville. “My father recently passed away and I received a small inheritance. I do not want to tie this money up because I may be spending it in a few years, but I also want to make more than I am in the bank. What should I do with this money?
Question: I am 52 and lost my job 6 months ago. I rolled over my 401K plan to an IRA, thinking I would not need the money for several years. I did get a new job, but really need more money on a monthly basis. Can I get access to my IRA money, before I retire?
QUESTION: Jerry from Clarksburg asks "My wife and I retired from places where we can keep our health insurances in retirement if we continue to pay for them, we currently both pay for a family plan. She tells me this is a waste of money. What is your suggestion?"
Question: Today's question comes from Laverne from Weston. My child attends a private school, I recently heard from another parent, that if I contribute to a 529 college savings plan, that I would be able to get a tax deduction for the money, and use it to pay for school. This sounds wonderful, but is it true?
Today's question comes from Mikey from Bridgeport. "I am currently earning great money working for an energy company and want to get our finances back on track. We have several credit cards, along with loans, and no short term savings. We have $5,000 a month that we could allocate somewhere. Where should we get started?
Question: I believe I am a successful professional making around a half million dollars a year and also have about $2 million in savings. Unfortunately I do not know if this is enough for me to retire. What should I do?
Question: I have around a $10 million estate and currently have a will in place for when I die. I heard trusts were better, but I do not want to tie my money up. Is a will enough to protect my family from probate and taxes?
Question: I am currently trying to max out my Roth IRA every year. Recently my company started a new simple IRA retirement plan and is matching 3%. Which one of these plans is the best to save for retirement?
Question: My family has around $5 million and we are currently unhappy with our financial advisor because we believe he just wants to sell us investments that benefit him and also is not concerned about our own comprehensive needs. If we want to become a client of yours how do we do so?
Question: I am 60 and getting ready to retire. I've had a financial advisor most of my life and have saved around $2 million. I've been thinking about dumping my financial advisor so I can hire a wealth advisor. How could this benefit me?
Question: I worked for a company for 40 years, when I retired I rolled my 401(k) over to a few different annuities at the bank. Every so many years they tell me to switch to another annuity. Are they good investments or are they treating me?
Question: I recently lost my husband. We have our lifetime savings in an IRA. He rolled over from his 401(k) and has a lifetime income benefit that we use every month as income. Now that he has passed away, can you please explain my options and make any recommendations?