CFG Planner Blog

Posted by Nancy Hecht, CFP®, AIF®

Q: I am getting ready to retire and may need some of the money from my company plan right away. Is there any way I can avoid the 20% automatic withholding if the proceeds are paid out to me?

A: You state that you “may” need some of the money right away. In that case I would open up a Rollover IRA, have the proceeds from your company plan sent directly to that account, but have all of the funds deposited into a cash account. If you need to withdraw some money, you will only pay your ordinary income tax on what you withdraw vs. 20% on the whole account balance. If you determine you do not need to take a withdrawal, or can allow the bulk of your account to grow, you can them invest the balance of your account.

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Posted by Nancy Hecht, CFP®, AIF®

Actually, there are two silver linings.

The first is for those considering converting a Traditional IRA to a Roth IRA. As you know, any amount that you convert will be taxed. If your Traditional IRA balance is down, you can convert to a Roth without selling those assets, pay the tax on the lower balance, then wait as the markets recover with the assets in an account with tax-free withdrawals.

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Posted by Denise Kovach, CFP®, AIF®

Divorce can be hazardous to not only your health, but your financial health as well. And it can be expensive. So if you are headed in that direction, take heed to plan carefully ahead of time so you can make rational decisions, not emotional mistakes.

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Posted by Gary Abely, CPA, CFP®, AIF®

Having just been asked this question, I reflect back some 28 years ago when I developed my first “estate” plan at age 22.

Having a mother as an estate-planning attorney taught me a valuable lesson early in life.  Anyone living needs a plan.  Period!  No Excuses!  The plan can be simple at age 22, but a plan is needed nonetheless. Continue reading

Posted by Nancy Hecht, CFP®, AIF®

Over the years, I have met with more than a few people that were not planning on saving for their retirement because they knew they were going to inherit money from their parents.

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Posted by Rynda J. Chappell-Wilk, CFP®, AIF®

I recently went to see my Orthopedic Doctor, Dr. Desai, about a chronic pain in my hip.  His prescription for me was a dreaded dose of physical therapy.  Dreaded because it is time consuming to go every week and it is sometimes hard to tell that you are making any progress along the way.  As a matter of fact, some days I feel worse after the physical therapy than I did before it.  Never the less, he said this was the simplest way to fix my problem, and he actually said out loud, “keep it simple stupid”, and then quickly clarified that he was talking to himself, not to me.

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Posted by Joe Bert, CFP®, AIF®

“Write Down This Date:  July 1st, 2014.  On this date, U.S. House of Representatives Bill ‘H.R. 2847’ goes into effect. It will usher in the true collapse of the U.S. dollar, and will make millions of Americans poorer, overnight. You now have just several months to prepare…”   – Stansberry & Associates Investment Research LLC.

This week I had a long-standing client email me regarding H.R. 2847 and how it would impact our decisions going forward.  Knowing that this individual was a talk show aficionado, I immediately surmised he was taken in by one of the many commercials predicting doom and gloom.  There is an entire industry capitalizing on our natural fear of loss and it is growing exponentially as the baby boomers near retirement and worry about their financial security.

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Posted by Nancy Hecht, CFP®, AIF®

There is a proposal to make state college free for everyone to the tune of $350 billion over the next 10 years. These expenses will be paid by the “most fortunate” among us. That is the term used – I am not sure who it applies to yet.

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