Questions to Ask When Looking for a Financial Planner
Written by Kristine McKinley · August 20, 2010
Many people hire financial planners to help them meet their financial goals. Whether you are a beginner investor with very little experience or whether you have a good knowledge and understanding of financial planning topics, a financial planner can be a valuable asset when planning for your financial goals. One advantage of working with a financial advisor is the added incentive you’ll have to reach your financial goals.
A financial planner can help with a number of financial questions and goals, such as reviewing your investments to make sure they are appropriate to meet your goals, preparing a retirement projection to show you if you are on track to retire at your desired age or not, reviewing your tax returns to make sure you’re getting all of the tax benefits you are entitled to, or even a comprehensive financial plan which covers all aspects of your financial life.
There are many different types of financial advisors, and most are compensated differently and work differently than other advisors (there’s not a standard fee structure or even a standard service set when it comes to financial advisors), so it’s important to do your homework before you hire a financial professional.
Here are some questions you should ask when interviewing a financial planner:
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Related PostsTime Running Out for 2009 RMD Relief
Written by Kristine McKinley · November 26, 2009
People who received unwanted RMDs in 2009 have just a few days left to roll those RMDs back into their IRAs, thus eliminating the tax bill from the original distribution.
RMDs Suspended
The Worker, Retiree, and Employer Recovery Act of 2008 (WRERA) suspended required minimum distributions (RMDs) for 2009. If you’re not familiar with RMDs, these are distributions that you are required to take from your traditional IRA and employer sponsored plans (401Ks) beginning at age 70 ½.
This is a one-time suspension of RMDs, effective for 2009 only. This suspension was created in response to the sharp declines in the stock market, with the purpose of allowing individuals to keep the funds invested in their IRAs instead of being forced to take distributions when the market, and thus their account values, were significantly down.
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Related PostsUnemployment Benefits To Be Extended
Written by Kristine McKinley · November 14, 2009
There’s at least a glimmer of hope for people who are currently unemployed. The Senate voted on Wednesday to extend unemployment benefits by up to 20 weeks for people currently collecting unemployment. Most states will receive a 14 week extension, but states with unemployment rates in excess of 8.5% will receive an additional 6 weeks, for a total extension of 20 weeks.
People who have already exhausted their unemployment benefits can reapply for additional benefits under this bill.
The bill still has to get through the House and then must be signed by the President, but it is not expected to change much before the final passing. This is expected to be the last extension for unemployment benefits.
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Related PostsReverse Mortgages – What Should You and Your Parents Know Before Applying?
Written by Kristine McKinley · November 1, 2009
The number of reverse mortgages backed by the government jumped nearly 20 percent in March and April (2009) alone from the same period in 2008. At a time when seniors have seen their retirement assets depleted by market losses, tapping home equity has been a safety net. But it can be a risky one.
If your parents are at least 62 years of age and have significant equity in their home, a reverse mortgage can turn that equity into tax-free cash without forcing them to move or make a monthly payment.
If it’s right for them, it’s a worthwhile financial tool. If not, they could make some serious mistakes with their financial future.
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Related PostsSocial Security COLA Could Be 0% For Next Few Years
Written by Kristine McKinley · June 30, 2009
In January of this year, people collecting Social Security retirement benefits received one of the highest cost of living adjustment (COLA) increases seen since the 1980s. Unfortunately, that increase may be the last one you see for a few years.
If you are retired and receiving Social Security benefits, you know that your benefits are increased each year to help you keep up with inflation. This is called a cost of living adjustment, or COLA. The COLA is announced in October of each year and is based on the CPI-W (the Consumer Price Index for Urban Wage Earners and Clerical Workers) from the 3rd quarter of the previous year to the 3rd quarter of the current year. Changes announced in October go into effect in January of the next year.
In 2009, retirees saw their benefits increase by 5.8%, due mainly to the high cost of gas during 2008. This was much higher than normal, with the average increase being around 2.8%. Unfortunately, the Congressional Budget Office (CBO) is estimating that there will be no increase in Social Security benefits for the years 2010 through 2012.
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