Q&A
Asked by an anonymous user
Answered by Alex Bentley, Financial AdviserPRO+ in Pacific Palisades, CA
This country has made a revolutionary shift from pensions to a self-service retirement model (401Ks, IRAs, etc). The average baby boomer has not yet fully adjusted to...
Q&A
Asked by Michael
Answered by Pamela J. Horack, , CFP®PRO+ in Lake Wylie, SC
Hi Michael! I'm a huge fan of paying off debt as soon as possible. You can't build your finances up if you are busy filling in a hole of debt. Make a plan to focus all...
Q&A
Asked by Martha
Answered by Prateek Mehrotra, Financial Adviser in Appleton, WI
Martha, The answer to your question is Yes. Most of us make more than one will during our lifetimes; circumstances change, and our estate planning needs to chan...
Q&A
Asked by Kathleen
Answered by Kim Miller, CFP®PRO+ in Redmond, WA
The simple answer is yes you do. You need to take maximum advantage of all of your retirement savings opportunities: 401k (pre and post tax) and IRAs (preferably a Ro...
Q&A
Asked by Katie
Answered by Elizabeth Beagle, Insurance Agent in Burbank, CA
Some agents would state you need 12 to 14 percent of your annual earnings in life insurance. I believe there are more practical ways of determining the right amount of...
Q&A
Asked by Lynn
Answered by Ted Rood, Mortgage BrokerPRO+ in Maryland Heights, MO
Reverse mortgages are a great tool, in certain circumstances, and an expensive mistake in others. Their interest rates and costs are higher than typical mortgages, an...
Q&A
Asked by Jessica
Answered by Pamela J. Horack, , CFP®PRO+ in Lake Wylie, SC
Hi Jessica! Sounds like you have a great family - what a gift! As I read your question, I hear two concerns. One - I want to grow this money as much as possible. Two -...
Q&A
Asked by Katie
Answered by Barry Bailey, Financial Adviser in Kingsport, TN
Hi Katie, Congratulations on saving enough to begin investing! You are on the right track. You probably shouldn't transfer all your savings. Keep some back as a...
Q&A
Asked by John
Answered by Barry Rabinowitz, Financial Adviser in Plantation, FL
There is a big difference. A 529 has special tax rules, whereby if the funds are used for tuition, laptops, etc, all growth can be withdrawn income tax free. Also, in...
Q&A
Asked by Neil
Answered by Michael Hoffman, RFC, CLU, ChFCPRO+ in Grass Valley, CA
Neil, Liquidity is the key and preservation of capital. If you have some funds that you will be using for your 3rd, 4th and 5th years in school you may want to use a...
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