I came across a very compelling and thoughtful post from a thought leader in the insurance arena I respect. In a recent post, the author, Brantley Whitely, asks are 134 fees better than commissions? I think that the gist of his comment is that a 'fee is a fee is a fee' regardless of what it's called. And whether it's a commission or a fee, it's all paid by the client in the end (though the CFP ... Read More
401k
Be Like Harvard and Create Your Retirement Paycheck
Got enough money for retirement? Do you know how you'll create your retirement paycheck? How do you turn that 401(k) or IRA into a sustainable stream of income? Now's the time to go back to school and learn a lesson or two from the Big Boys and be like Harvard. Whether or not you went to an Ivy League school like Harvard, you sure can invest like you did. One thing that Harvard and a retiree ... Read More
Low Cost ETF Investing: Join the Investing Wave
Looking for an investing edge? Try lowering your costs. Beat the stock market professionals at their own game through low cost ETF investing. Despite the cold weather and frigid water temperatures, jump in and join the investing wave. Adopt a low cost ETF investing approach and you may improve your returns and your personal bottom line. For more on Investing on a Shoe String with Low Cost ... Read More
401k Hardship Distribution for Medical Expenses
Ask the Money Coach: My mother got into a car accident and can not make decisions on her own. I am currently her power of attorney. How can I cash out her 401K to pay for her expenses? She has been out for over a week and doctors expect her to be disabled for quite some time. I need help to pay for everything so how can I get access to her 401k? Response from Boston Money Coach: Please ... Read More
Borrowing from Your 401k Retirement Plan
Ask the Boston Money Coach: Retirement Plans Question: I already have an existing loan from my 401k plan, I need cash but can I still get money out of my account? Response from Boston Money Coach Steve Stanganelli regarding borrowing from your 401k. Not all plans allow employees to borrow from their retirement accounts. And these types of accounts are really not meant to be used as ... Read More
How to Rollover Your 401(k)
Ask the Boston Money Coach Series Question: I once worked for a company where I had a retirement plan but after I left I didn't move my account. I was wondering how do I go about retrieving my money from my 401k? Response from Boston Money Coach Steve Stanganelli: Your first step is to contact the plan administrator or the human resource department of the firm. They will direct you to the ... Read More
Deferring Retirement to Salvage 401(k)
Ask the Boston Money Coach Question: Will working longer and deferring retirement allow me to have more money for when I finally retire? I'm 54 now and was originally planning on retiring at 65. My 401K took quite a hit a few years ago and now I'm wondering if I should be postponing my retirement. Financial Planning Response from Boston Money Coach Steve Stanganelli: Time heals all wounds ... Read More
How Many Choices Does A Retirement Investor Need
KISS - Keep It Simple, Stupid. That advice can apply to most things in life. It may be true for investing as well. As financial advisors we have access to tons of academic research, white papers and other sources of navel gazing. But the reality is that most investors prefer to KISS. And maybe they're onto something. Yes, we try to demonstrate our added value through complex algorithms ... Read More
Splitting the 401k After Divorce
Ask the Boston Money Coach: Divorce Financial Planning Question from another financial planner: I have a client who has been divorced since October 2006. My client had a 401k leading up to the divorce and on 10/25/2006, when he filed for divorce, the 401k had $19,000 in it, and was 100% invested in a Fidelity MM fund. Now the value is closer to $20,000. His ex-wife is now asking for her ... Read More
Ask the Money Coach: How to Save for Retirement when Self-Employed
If you're a small business owner running a business by yourself or with your spouse, you are eligible for a "solo" 401(k) plan that can cover you and your spouse (if you have one). These types of plans are usually offered through any number of platform providers using a simple "prototype." By using this type of template, the costs for setting up a plan are significantly reduced. Most mutual fund ... Read More
