Hosts: Harry Stadelmayer, CFP®, AIF® and Joe Bert, CFP®, AIF®
It is an Ask the Expert Saturday morning on News 96.5 WDBO and this is On the Money, brought to you by central Florida’s oldest and largest independent firm of certified financial planning professionals, the Certified Financial Group in Altamonte Springs. And with us today, no exception, we have 2 of the 12 certified financial planning pros with the Certified Financial Group back with us in the studio, Harry Stadelmayer, and the Oracle of Orlando, Joe Bert is back with us. Good morning, gentlemen!
Good morning, Kurt!
How are you?
It’s a beautiful day, isn’t it?
Oh it is, perfect.
Joe, in case anybody may be new to this program, tell them what it’s all about.
Harry and I are here to answer any questions that may be on your mind regarding your personal finances. As we say in our little commercials that we run here on WDBO, unfortunately they don’t teach us this stuff in school, so we go through life trying some of this, trying some of that, we wake up one day finding we have a collection of financial accidents. So the certified financial planing professionals, as we like to say, on Monday through Friday we do this for a fee but on Saturday morning we do it absolutely free. So if you have any questions regarding your personal finances, we’re here to take them, and oftentimes revolves questions on stocks and bonds and mutual funds and real estate. long-term healthcare, 401(k)s, IRAs, annuities, life insurance, all that and more. Harry and I are here to take your call. Good news for you, there’s absolutely nobody in line because we just sat down, and the lines are absolutely wide open, so just pick up the phone and dial.
Oh, that’s my cue. 844-220-0965. 844-220-0965. You can also text us from your mobile device. That texting number is 212321, 21232. Or, if you want to put your voice on the program, you could use the open mic, and you’ll find that feature on the News 96.5 app. Now it’s a happy Mother’s Day weekend, everyone. Happy Mother’s Day. <Inaudible>.
You know, Harry, we were talking before the program about every Father’s Day comes around we always talk about how fathers gave use their wisdom, passed down their financial wisdom. You know, my mom gave me a ton of financial wisdom. What’s interesting is Joe’s been doing this a long time and I’ve been doing this a while and it’s always interesting to see folks coming to the office and I would say that within the first five months you know who’s writing a check. You know within the first five minutes if mom or dad is large and in charge of that checkbook, and it’s not always the same. I have run into clients where the husband says you know what, my wife does the bills, she does everything, and she teaches the kids and I just go to work and hand her the check. And then there’s the converse, obviously, where the wife has no clue.
Now, when you were growing up, who was it in your house?
It was dad. You know what?
I hate saying this, but I’m not sure my mother has ever written a check in her life. Just think about that.
My house is just the opposite. My mom did — in fact in my house today, my wife writes all the checks?
Yeah, now it was dad, and mom just — and you know, that’s not good, because someday, God forbid, if dad goes before mom — I tried as a financial planner, but I’m still her little baby. I’ve tried to get her involved and told dad just make her involved.
I’m sure you’re seeing it, as well as I am, older couples coming into the office. They’re retired and they’re in their 70s and sometimes their 80s and generally the gentleman is concerned about his health and if he’s not there they need to find somebody that they can trust and then come in and we begin the relationship. And we’d like to begin the relationship earlier, but we’re beginning to see that they’re recognizing that when he passes away, and generally the man passes away first, who’s mom going to turn to to have these questions answered. We’re seeing more and more of that.
There are many folks that have been — or men, or maybe women, that have been do-it-yourselfers, but because that they may be imminent, they say I was doing great but I just want my wife or husband to have a contact and a go-to, and we’re seeing a lot more of that.
In fact, now that I’m thinking about it, we have a client doctor, well-known doctor here in town, came in with his wife, and unfortunately now he’s in the early stages of dementia and she’s now in charge and the relationship has already been established, and it’s very, very easy and she doesn’t have to worry about it, not she has to just worry about taking care of him.
Your colleague Nancy Hecht is a proponent of always bring in mom into the picture.
Oh yeah, I won’t do a plan unless the other spouse is there, whether the husband or the wife. It’s a waste of time and money, because we can do the best job of laying something out for them and the husband gets all enthused about it and says this is what we’re going to do honey and he goes home and she shoots him down, it’s a waste of time.
You mean I can’t shop anymore? What’s that all about. No, that’s not a good plan. No, I agree with you. Here’s the phone number again, folks: 844-220-0965. Let’s talk to Eric in Altamont Springs.
Good morning, Eric.
Good morning, thanks for having me on.
Thanks for calling. What’s up?
Well I was calling — my banking institution recently sent out a letter saying that they’re going to charge us if we pull money out of our IRA to send it to another financial institution, but they’ll let me have a check directly to myself for free and they said you can just take it to yourself and then you can write another check to the new financial institution, and I don’t know that I can do that without taking some kind of penalty.
No, you can. You have 60 days in which to roll it into another IRA.
Yeah, you have 60 days, but be careful of that, right Harry?
Yeah, be very careful. The IRS doesn’t mess around with that one. That’s a 50% penalty if you don’t do it within 60 days, so you need to make sure that happens.
Awesome, well thanks guys.
Thanks for your call. Good luck.
I never heard that. The banks are charging to do the — wow. Pretty soon we’re going to have to start paying money to keep our money in the bank.
Exactly. Reverse interest rates, like in Europe.
844-220-0965. This is Paul in Orlando. Good morning, Paul.
Hey, good morning. Say, about 30 years ago — I’m a pharmacist — I bought some stock, my own stock, for $3,000. It skyrocketed after 30 years to a total value of $21,000. Then I got a note from the brokerage company that there was an inversion and a forced sale and my stocks were sold and I had capital gains because of the sale of the stock, and they’re saying you have no choice on the inversion, it’s going to be a stock. And the worst part was I didn’t get money for it, I got the new stock. And now the new stock has dropped. Now I’ve got a lost. I had a gain last year <Inaudible> the capital gains, but this year I lost. I thought I could hold the stock until such time as I tried to sell it rather than get this capital gains at a time when I didn’t need it.
Yeah, no. But when you sell it you’ll have to recognize whatever gain or loss you have on the original investment. So it goes back to the original investment amount that you invested even though you had a stock conversion there.
Well, but my question was, I have the one-time buyer stock <Inaudible> I hold it until I choose to sell it.
Well, not always. You just learned that that’s not always the way it works.
I did learn that, yes.
Yeah, so it’s a wake-up call for some people, and that does happen.
Is that because the company went to — any company that <Inaudible> if you have stock in it, you can have the same dilemma?
No, it depends on what the corporation decides to do. I’m not sure of if that’s a standard practice, but I do know that companies have the ability to do exactly what happened.
If there’s a buyout, or there could be a number of things that can happen within that company that basically they want to call all their shareholders in and all their shares in, and unfortunately you’re left out in the cold in essence.
Okay, no freedom of choice. Thanks so much <Inaudible> way of getting around that capital gain, because I didn’t want capital gains.
No, no. You’re going to have a gain — you probably have a gain now if you sell that stock, but it won’t be as big a gain unfortunately because the stock dropped. Hang in there, it might come back. Good luck to you.
9:15 on News 96.5 WDBO. Of course Dave Wall is in the news center keeping an eye on things. Will the weather hold out. Will it be nice for tonight? Billy Joel, Elton John, Orlando Philharmonic concert.
We put Harry in charge of the weather and so far so good.
Dave will have the definitive, so we have to wait for Dave Wall, coming up in minutes. Stay with us. This is Buddy. Good morning, Buddy.
Good morning, sir. How are you?
Great, Buddy. How can we help you. What’s up?
I’ve got a quick question. Long story short, I’ve been struggling financially for many years. For the last seven years I’ve had a decent job in the HVAC industry and I’ve managed to pay off — I have no children. I’m married, but no children of my own. And I’ve managed to pay off everything I own. I have lots of toys. No kids, lots of toys. I owe nothing other than these annoying little bills that come in, like electric. <Inaudible> things like that. House is paid for. I actually have a rights of survivorship on my mother’s house. My mother is 85. She’s not married. We have no siblings. It’s me, mom, and my wife. There’s nobody else that seems to exist in the family line. I have no 401(k) and I’m collecting — well, let’s put it this way, I’m not spending a lot of money, but I’m making good money. My question is, other than 401, what is the best advice of saving my money. I’ve viewed everything going on. I don’t really like putting things in banks. Savings accounts are like useless. What do you suggest doing?
How old are you, Buddy?
Oh, I’m 52, I’m sorry.
And is this business your own, or no?
No, sir. I work for Westbrook Services in Orlando, Florida. I’m a controls technician in a unique field.
Are you not participating because you don’t want to or because they don’t have a plan? Westbrook I believe has a 401(k) plan.
Yes they do.
Well, should I do a Roth or a standard 401?
No, you should go to human resources and say where do I sign up for this wonderful 401(k) and what are you going to match.
And even if they don’t match —
And even if they don’t, exactly. It’s pre-tax dollars, Buddy. If they write you a check, as in a paycheck, who gets the first, I don’t know 25%, 28%? Uncle Sam, right?
What if that same dollar goes into a 401(k)? How much does Uncle Sam get? Zero. At the end of the day, would you rather have $1 or $0.75?
Bingo. Walk into human resources. Say I want to enroll. Do the math. So how much you can do. That is the absolute best way of accumulating assets on a pre-tax basis. Buddy, at your age, you can put in a total of $24,000 on a pre-tax basis. That’s a clean tax deduction.
That was my next question. What is my maximum amount I can put in without any kind of penalties or complications.
$24,000. That’s the maximum per year. And it comes out of your paycheck. And the best thing about a 401(k) is you don’t feel it. Unfortunately, human nature being what it is, we try to save money on the outside, we save what’s left at the end of the month and the end of the month comes and goes and you’re looking at next month, you haven’t done anything. When it comes out of your paycheck, it’s forced savings, it’s going to happen on a regular basis. Sign up Monday morning.
All right. So in other words, what percentage would that work out to?
It’s not a percentage, just put in a dollar amount.
A dollar amount, oh. Oh, okay, so you pick a specific dollar amount <Inaudible>. I get paid weekly, so —
There you go.
Thank you, gentlemen.
All right, Buddy, thanks for the call.
Can you hear it?
Translate <?> it now.
Burning out a fuse up here alone.
I never knew that.
Yeah, learning all kinds of stuff.
Thank you, Joe. There’s a reason why I’m playing this music. I’m getting you warmed up Joe.
Yeah, we’re ready.
Tonight’s the night. It’s the big concert in the park, featuring the Orlando Philharmonic. Are there any tickets left gentlemen?
It’s a sell-out. In fact, it’s going to be the largest crowd I think in Springs history.
Scalpers? Anything <Inaudible>?
Got any extra tickets you want me to scalp? I think it’s still against the law in Florida, isn’t it?
No, I don’t think <Inaudible>. I think it is within like 1,000 feet of the venue or something. There’s some rule like that.
Well I usually sell face value and then I sell my comb for $100, and that’s usually the way it goes here. I’ve got a text for you gentlemen. It says wondering how — no, you can’t answer that. <Inaudible>. It’s not a 50% penalty if you take an early withdrawal from an IRA. It’s a 10%.
And that’s correct. I made a mistake earlier. So thank you, listener, for sending that in. It’s a 10% penalty if you pull out before age 59 and a half, plus taxes. It’s 50% if you don’t take your required minimum distribution at 70 and a half. And thank you for that.
I have another text. We’ve been seeing higher rent costs lately. Will rent come down in the foreseeable future?
No, it’s all a function of supply and demand. So when the supply is tight, the prices go up and continue to build. We’ve seen periods where you get free rent to move in, six months free. I remember those days.
I think what’s happening right now is ’07, ’08, where all you needed was a pulse to buy a home and then you realized you actually had to make a mortgage payment and people were walking away from homes left and right in 2009, 2010, where were they headed? They were headed to apartments, and that’s starting to change again.
There’s a lot of apartments in Orlando. They build them all over the place.
Well, there’s a lot of old ones that are being refurbished. But yeah, there was a run on renting, if you will, after that little depression that we had, or recession I guess I should say, but homebuilding is back strong and folks are moving back. I can remember, Joe, you were telling us a couple weeks ago about this week’s must-read. It was four reasons why renting a home is a wise decision.
Yeah, that’s on our website. Go to FinancialGroup.com, click on info to know, and this week’s must-read is right there for you. And this week’s must-read is 10 financial decisions you’ll regret forever. This is the kind of stuff you were taught in school. That’s on our website, FinancialGroup.com. Click on info to know and pull up this week’s <Inaudible>.
And how do we sign up for that free newsletter that I get from you?
Right there on our website.
And I get it on my 403(b) page. It’s just chock-full of information.
Chock-full is the word.
I mean, I’ve learned so much from you, Joe, over the past, what, 25 years?
25 plus years.
And you know what, Harry, he hasn’t aged a bit. The oracle has not aged. In fact, he has a buddy here in the studio. They’ve been running together for 51 years. Boy, would I like to be a fly on the wall. After the concert tonight and about seven bottles of <Inaudible> I would like to be at the Burt household and listen to some of those stories is what I’d like to do.
Maybe we can convince you to come on. Harry, maybe we can convince him to come on and say hi. Stand by, we’ll do that.
One quick story on Joe that we all want to know <Inaudible> try to convince him.
It’s an Ask the Expert weekend on News 96.5 WDBO and this is On the Money brought to you by central Florida’s oldest and largest independent firm of certified financial planning professionals, the Certified Financial Group in Altamont Springs. With us this morning, the oracle of Orlando, Joe Burt, is back in the studio along with Harry Stadelmayer, and both are taking your calls. Joe, refresh everybody’s memory. What are you all about.
Once again, we’re here to answer any questions that might be on your mind regarding your personal finances. As we say, we go through life trying some of this, trying some of that, listening to our brother-in-law, reading Money Magazine, watching television, and we find maybe we need some directions. That’s why we’re here, to kind of clear up that financial fog, answer questions that — and there’s no such thing as a dumb question. There may be dumb answers, but there’s no dumb question. So if you have anything on your mind — you don’t even have to use your real name, just pick up the phone and dial.
844-220-0965. You can also send us a short text. The texting number is 21232, 21232. Or you could let your voice be heard by using the open mic. You’ll find the open mic feature on the News 96.5 app. Don’t You guys have one of those seminars coming up real soon.
Next Saturday, May 14th. Gary in our office is doing financial basics, and that will be in our office. It’ll be from 11:00 to 1:00, and it’s a really good overview of the basics. He’s not going to get real deep. In fact, if you’d like to bring your son or daughter or granddaughter or grandson, this also may be appropriate. We were talking about moms and the influence moms have on us financially, or dad. This might be a great opportunity for you to bring the family and get some really good information at our office. It doesn’t cost a dime. It’s just our way of introducing who we are to Central Florida. We have some seats open. You can go to the website, financialgroup.com. I believe you can register there or you can give us a call on Monday at 407-869-9800. Just make reservation. I think he has a light lunch or snacks, and a lot of good information. This one will be basics. What is a mutual fund, how does it work, those types of things. Life insurance, getting your debt taken care of, so basic information. Really, really important for you and your family to talk about most of these things that he’ll be talking about Saturday.
So we hold these workshops in what I call our classroom. We have state of the art video equipment, and I’m sure you’ll find it <Inaudible> 25 or 30 folks. If you’d like to come by just go to our website, that’s financialgroup.com. As Harry said, why do we do these kinds of things, we do them for two basic reasons. Number one, to give you information so you don’t fall into that trap of making some bad mistakes and going to these free lunch and dinner seminars that are trying to sell you an annuity or something, and also to introduce you to our firm. What we do as fee-based financial planners, and <Inaudible> whether you need financial planning now or sometime in the future, you’ll give us an opportunity to earn your business. Go to our website, that’s financialgroup.com
When’s Nancy Hect’s next seminar <Inaudible>
Nancy Hect and Denise Kovach are doing their Social Security bootcamp, and that’s coming up on July the 28th. More information at our website, once again financialgroup.com.
You might want to get on that because that always fills up. Social Security keeps on changing all the time.
Well, we just had a major change to the law, and some people <Inaudible>
<Inaudible> what was that major change in the law.
Well, in terms about who can do what we call file and suspend and restrict applications to get a little bit more out of Social Security, then you can — I mean it’s legal, but they closed that little loophole.
Did Social Security let everybody know there was a change.
Of course not. No. <Inaudible> people that tune into this program that there was a change.
Well if they didn’t let everybody know there was a change, how are we supposed to know there was a change.
By tuning in here every Saturday morning at 9:00.
That’s why I think Social Security ought to be run by a business. Speaking of business, Harry Statelmeier of the Certified Financial Group offers a complimentary consultation, and I was wondering how could folks find out more about that.
Well, that same wonderful website that we just sent you to for Nancy, Gary, and Denise’s workshop, there’s also a click on for the click here for a complimentary consultation. We see many, many folks — I had two folks this week that drive by and have driven by our office for 15 years, and two new clients because they finally stopped. They didn’t click on the website. If you just want to drive by and say hello you can do that too. But if you’re on the website, you want to just click on there and you’ll have a little form you fill out, what are you interested, what’s your pain. Why are you looking for consultation. What is it that’s maybe in your world that’s going on that needs some addressing. It doesn’t cost anything to do that.
Now we don’t do debt planning, debt reduction. If you’re in credit card crisis we can send you to the professionals that’ll help you there.
But if you’re looking for planning, if you fail to plan, you plan to fail. We believe in that and we still look at doing fee-based financial planning and then implementing that plan. It’s kind of like if I’m building a home, I’m not going to do it without blueprint. The plan is the blueprint and then we’ll build the house for you if you’d let us, and then off we go.
Once again go to the website to find out more at financialgroup.com. From the WDBO text board, I have $150,000 in cash in an envelope. It’s not <Inaudible>
I love how <Inaudible>. How can I invest it without being flagged by the IRS or having to pay taxes on it.
Well my friend, you have a challenge, because if you walk into a bank with $10,000 — in fact, if you make several deposits of just under $10,000 of cash, it is a red flag. It’s part of the Patriot Act, the anti money laundering, so you do have to get it into a negotiable interest investment. I would suggest that you just go around town and make some cash deposits of modest amounts, and you’ll have a whole bunch of checks that you’ll have to write, but you can ultimately get that money into a check and get it invested.
150,000 in cash will take you a while though. I’ve never been to these Amscot places, is that a way around that.
No, that’s still cash. Everybody — as you know, we fall under the Patriot Act. We have clients come into our office with —
Well no, not <Inaudible>, but we have — we’re required, because we’re regulated by the Securities and Exchange Commission, so we fall under the federal laws. We have to — when clients come into our office, there’s a Know Your Client rule. We’re required to find out who you are and get a copy of your driver’s license, because — when I tell this to clients, they say really — every month we get a download of known terrorists into our office that we call the terrorist list. We get download into — and we have to match our database against the terrorist list. If there is a match, we have a number to call immediately. It’s happened one time.
Interesting. Again from the text board, here’s a question for you. I’m starting a new learning center business. Can you recommend a good business credit card. Approximate purchases will be 300,000 plus.
American Express Blue.
Because low fees and the cash back deals on it.
Here’s another question for you. I retired two years ago and used all of my 401k money to go back to school to be a nurse at the age of 51, going back into the workforce. So is there — then the question cuts off because of the limited text amount. I imagine that person wants to get started at 51.
Well, chances are where she’s going to work they will have a 403b or a 401a which will allow her to do the same things that Buddy called a little earlier about. Why don’t we get back to Buddy because we left him off on his 401k as to why he wants to do that.
The other reason that we did — I mean, Buddy was looking to put some money, so <Inaudible> has really good income and he was talking about Roths and IRAs and other things. Come to find out he probably has a 401k that he’s not taking advantage of. Same for this texter, that the places you’re going to work, I would — at 51, you now have some catching up to do. It’s all about this nurse and getting aggressive and looking at doing as much as possibly is available without eating beans and rice and not paying your bills. But I would seriously look into that 401k and get in as soon as you can. Sometimes there’s a year wait period, sometimes there’s some restrictions, but I would get into that 401k. Congratulations on becoming a nurse at 51, that’s not an easy task. Again, we don’t know a lot about this person, is it a he or she and are they raising a family, but congratulations. But get into that 401k. You’re taking advantage of dollar cost averaging, the highs and the lows. It is the best way to accumulate money, period.
Okay. A first-time home buyer just bought a home that desperately needs a new kitchen. What’s the best option for kitchen — oh, you’ll have to wait until the next hour. Florida Homes and Gardens SNW kitchens and Bill Burke will be here to answer that one, okay. If you’d like to text us, the number is 21232. 21232. Or you can call us at 844-220-0965.
Getting back to this nurse, this is a classic case of someone starting a career over. 51 years old, has approximately maybe 15 years yet to work. But here’s where you have to really get serious about saving for retirement, because if you don’t start now you’re going to look back when you’re 55, 56 years old, and retirement’s going to be staring you in the face. The thing about <Inaudible> starting with nothing, but you have seen it, I have seen it, people are diligent about putting their money in the retirement plan can accumulate over $1M if you start early enough.
But the key is you’ve got to pay yourself first. You’ve got to take it out of your paycheck and live on what’s left, force yourself to get up to the maximum at her age or his age, you can put in $24,000 a year. Now it might be tough to get it started, but do it.
Cheryl’s got a great question for you, Joe and Harry. Hey Cheryl.
Hey guys, how y’all doing today.
Great, what’s up.
I have a six-year-old daughter and I’m interested in getting her started off with investing. I opened up this small account online that you can open up, and I’ve just been picking and choosing like one stock a month to add to that. I’m pretty ignorant when it comes to stuff like this, so I was wondering if there is any suggestions you could have for me, like maybe I should just put the money into an IRA, but I don’t know if there’s an age limit you could open that up for a child.
That wouldn’t work because you have to have earned income, so that wouldn’t work. What you’re trying to do is teach your daughter about investing.
Exactly. I want to give her the lessons that I never learned.
I understand. The best way to do this is instead of picking individual stocks — see, if you’re picking individual stocks, particularly with young children, you can pick stocks of companies that they’re familiar with, like McDonalds, like Disney, like Apple. I don’t know how much you’re setting aside —
I’m just trying to put away $100 a month.
You’re going to have difficulty doing this. The other option is to put it into a mutual fund. There are mutual funds geared towards young investing, and I can’t remember the name. <Inaudible> do a little research here when we go offline that are geared toward young children. Then you can go online and see what particular companies they own, and every time you make an investment you’ll get a statement from the mutual fund company showing her how many shares she owns, and when they pay dividends and capital gains how that grows. You may want to consider coming to Gary Abley’s workshops.
I was just going to suggest that Cheryl. Great Start is next Saturday. If you can spare two hours from 11:00 to 1:00, there’s a lot of good information. The other thing that I might suggest, there are a plethora of great books called —
A veritable plethora.
I love that word.
I do too, I don’t know where that came from but I used it on air, how about that. Money Smart Kids, there’s Rich Dad, Rich Kid. This sounds like a good one, the Lemonade Stand Millionaire, how about that. There are some great books I have to imagine that also would be maybe some must reading on occasion. Again, if you could make it next Saturday to sit in a room and listen to Gary up there talking about the basics, that could be inspiring for her as well.
That would be perfect. And I can enroll us or sign up for that on y’all’s website.
Online, sure. Financialgroup.com, Cheryl.
Thank you very much, Cheryl. Feel free to bring your son or daughter, grandson, granddaughter, age 15 and older I believe is — age 15 and older. Alright, Joe Bert, the Oracle of Orlando, and Harry Statelmeier are in the studio. Once again, the way to contact Harry or Joe, probably the best way is through the website, right guys.
Financialgroup.com. Financialgroup.com. If you’re so inclined you could also call 407-869-9800, 407-869-9800, or 1-800-EXECUTE as if you’re executing that financial plan.
WDBO FM, Orlando’s 24-hour news, weather, and traffic, is News 96.5, powered by New South Windows Solutions.
You have to learn to pace yourself — pressure. You don’t like everybody else — pressure. You only have to run so far —
Wow, that’s old school there.
You guys are going to have a gas tonight.
Tonight by the way if you’re just joining us, the Orlando Philharmonic Orchestra along with some tribute bands and singers will be singing and paying tribute to the music of Billy Joel and Sir Elton John.
Harry has some interesting information on the net worth, Jerry.
Yes. The net worth, who has larger net worth, Elton John or Billy Joel, Kurt.
Billy Joel? Ehhh. No, he’s been married three times.
That’ll do it. I forgot all about Christie Brinkley.
Elton John 450M <?> and Billy Joel 180M <?>.
There you go.
Well if they don’t have a will now after Prince’s death, do you think they have a will.
I was just going to say that.
Oh what a mess.
<Inaudible> going to be $300M without a will, can you believe. So you’re never too young, right, 57. Okay, let’s squeeze in Gary in Indian River County. Good morning, Gary.
Good morning gentlemen, how are you.
Good, what’s up.
I have a question. Years ago I worked for a company for 11 years and got laid off, and as such I got a vested benefit. I’ll be turning 60 this August, and one of the options they gave me was a buyout. If I do that, I’m kind of saying well where do I put the money, because right now everything I’m looking at is getting low returns. I’m trying to pack some money away for when I retire and trying to make some money off this.
So this is a buyout on your patient plan. You can roll that into an IRA, and the first thing you need to do Gary, not to sound self serving, but you need to have somebody do a financial plan for you. What you need to do is get that money working for you, and then there’s going to come a point in time when you’ll start drawing from it. We need to know what your lifestyle is, how much you’re going to need, and that’ll give us direction as to how aggressively or how conservatively that money should be invested. You certainly don’t want to plunk it into a bank and earn nothing on it. You have time, you’re still 60 years old. Are you still working.
Okay, there’s some opportunities there for you as well. You need to see a certified financial planner. Somebody who’s going to charge you a fee, somebody that’s not trying to sell you something, and give you some guidance. Because you’re about to embark on that long journey we call retirement, and you need some guidance. That’s the only way to do it is to get some planning <Inaudible>
Yes. You could make a mistake that could cost you thousands, if not tens of thousands of dollars. Joe is absolutely right. Don’t go down that minefield alone, get some professional help. If you don’t feel comfortable with that person, go to partner two or partner three until you feel comfortable with someone. But you need some guidance there.
You could learn about us at our website, Gary, check us out. We’ve got 12 certified financial planners under one roof, more CFPs under one roof than anybody in the state of Florida I believe. We’ll be glad to help you, but you’re down in Indian River. We have clients all over the country, some we’ve never even met.
Alright, stay tuned for Dave Wall in the news center. Oh by the way, this is the bald journey of Billy Joel, 30 years later.
He hasn’t slowed down has he, no.