Podcasts Business Investing Your Money, Your Wealth What You Need to Know Before Choosing a Financial Advisor - 52

What You Need to Know Before Choosing a Financial Advisor - 52

Published: July 30, 2016, 6 p.m.

Joe Anderson, CFP\xae & Alan Clopine, CPA answer frequently asked investing questions and explain key factors to look for when choosing a financial advisor on YMYW podcast 52. Should you choose a fee-only or fee-based advisor and does it matter if they follow the fiduciary standard? Find out. Original publish date July 30, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed.\xa0

00:00 - Intro

02:27 - \u201cI\u2019m currently employed by two employers, which brings my yearly income to $170K. I understand my pre-tax contributions. One of my employers now offers a Roth contribution. Am I eligible to contribute to only one employer's Roth?\u201d

04:54 - \u201cYes, you can contribute to both plans\u2026can you contribute to a Roth in either or both plans? The answer is yes.\u201d

08:15 - \u201cI just purchased a home in January 2015 and I'm now wanting to sell with a potential profit of about $60K. I am newly married as of May 2016, and would like to file Head of Household to avoid paying Capital Gains. My income alone is $44K and married we are at $74K. I would like to be sure that I am under the radar and not having to pay capital gains tax if I sell today.\u201d

09:32 - \u201cWhen you\u2019re married, you can\u2019t file head of household unless you\u2019ve been separated for six months and have not lived with your spouse for six months.\u201d

15:46 - \u201cYou want to work with a fiduciary 100% of the time where there are no other licenses. If they have a broker-dealer affiliation, they sell products.\u201d

20:45 - \u201cAn overwhelming percentage of retirees are very satisfied or somewhat satisfied with their financial health.\u201d

25:39 - \u201cIf you look at the average 401(k) or IRA balances of those who are 55-64\u2026it\u2019s $100,000. If you look at all people age 55-64, the median retirement account balance is $12,000 (Source: TIAA CREF Survey).\u201d

28:52 - \u201cMy wife and I both draw on our Social Security Insurance benefits. We are both 68 years old. We just adopted 3 grandchildren. Does this change our benefits in any way?\u201d

30:38 - \u201cI will be retiring in a month or so and will be about 2 years before the mandatory withdrawal. Where can I park my money so that I have the least management fees and can earn some returns?\u201d