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Mind of a Millionaire: Listener Questions

| January 07, 2019
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This week we are trying something new – we took five questions from listeners and answered them on the podcast. The questions this week range from recent college graduates who are beginning their investment journey to general stock market insights. Tune in to get Blair’s two cents on each personal finance questions.

If you have any questions of your own, please, feel free to reach out to us and we would be happy to get them answered.

Be sure to subscribe to our podcast on Stitcher and iTunes. Follow us on Facebook and Twitter: @BlairAndZak for daily Denver Wealth Management updates.

 

  1. “My company is discontinuing the pension; we have the option to roll it into an IRA or move it to a new company who will manage the pension. What is my best option?” [0:55]

What is a pension? [1:20]

What is the pension fund worth vs. what can you get on the open market? [5:28]

 

  1. “I just got out of college and am interested in starting to save for retirement. What should I consider?” [6:36]

Getting away from the word “save” [6:59]

Get your financial house in order [7:17]

  • Have your 6-month emergency fund in cash, on hand.
  • Have no consumer debt (mortgage is fine).

Roth IRA or Roth 401k through work [8:12]

What kind of risk should you take? [9:06}

  1. “I heard the market is having its worst month since 1931. Should I buy more at a discount or sell and try to get back in at a lower price?” [10:41]

What’s your goal? [11:15]

  • Long-term of short-term?

Buy or sell? [12:06]

  1. “An advisor is recommending an annuity for my mom who just turned 65 – is that the best option?” [15:24]

What is an annuity? [15:38]

  • Long-term financial planning [16:21]

“What are all of our required needs?” [17:06]

  • Food, medical insurance, living costs, etc.

Is the annuity guaranteed? [20:14]

  1. “Do I need a trust? I have a husband and a two-year-old; we went to set up a will with a local attorney, and her recommended we move our house and cars into a trust. Is that necessary?” [21:40]

What is a trust? [22:26]

“The same sort of thing can be accomplished in other ways.” [23:08]

  • Will, beneficiary, guardianship, etc.

Thanks for tuning in – again, please don’t hesitate to send us your questions; we would be happy to answer them!

If you don’t already, subscribe to Mind of a Millionaire on iTunes and Stitcher for personal finance and investment advice every Monday!

 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

No strategy assures success or protects against loss.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation.

The Roth IRA offers tax deferral on any earnings in the accounts. Withdrawals from the account may be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may results in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change.

Fixed and Variable annuities are suitable for long-term investing, such as retirement investing. Gains from tax-deferred investments are taxable as ordinary income upon withdrawal. Guarantees are based on the claims paying ability of the issuing company. Withdrawals made prior to the age 59 ½ are subject to a 10% IRS penalty tax and surrender charges may apply. Variable annuities are subject to market risk and may lose value.

All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

The information in the links above are being provided strictly as a courtesy. When you link to any of the web sites provided here, you are leaving this web site. We make no representation as to the completeness or accuracy of the information provided at these web sites. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to your use of third-party technologies web sites, information and programs made available through this web site. When you access one of these websites, you are leaving our web site and assume total responsibility and risk for your use of the web sites you are linking to.

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