Jill on Money: Retirement, rollovers, investments
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It takes more than a rotten jobs report to bring down "Jill on Money" listeners! Instead of fretting over what we can't control, we focused on those areas that we can control!
Bonnie from KY called to help for her 69 year-old recently-widowed mother. It's hard to manage money in the best of circumstances, but when your spouse passes away and he or she was the financial quarterback for the couple, it's even tougher. We covered a lot of ground, from overall goals to the specifics of how to plan for required minimum distributions from an IRA account.
Lisa from IN is the financial quarterback in her marriage and needed guidance on her husband's retirement account in Ireland. Nancy has been managing her near $4 million portfolio for a while and has a unique problem: one stock accounts for 45 percent of her portfolio. If she knows the risk inherent in that strategy, is it really so bad?
The recession forced Richard from Arkansas back to work after he had already retired. He is now renting, but wondered whether it made sense to buy a home with money from his IRA.
Frank from Texas and Phillip are considering rolling over old 401 (k)s from past employers, while Bobby is weighing whether his current use of target date funds is appropriate in his retirement account and when he should file for Social Security benefits.
Mary and Gerri wondered about fixed annuities, while Yvonne found money in an old pension plan and now must decide between monthly income and a lump sum.
Finally, Jaxom and his wife are in their twenties and ready to start socking away a lot of money. Although I am a fan of seeking financial guidance, in this case, they may be able to invest on their own and then hire an advisor in a year or two.
Here are web sites and resources mentioned in this week's show:-- How to Choose a Financial Advisor: 10 Questions
-- NAPFA: National Association of Personal Financial Advisors (fee-only advisors)-- Social Security estimator Immediate Annuity Calculator
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