Regardless Of Your Circumstances, Decisions Have To Be Made
- Where should my 401(k) be transferred to?
- How much rest should I take?
- What income do I really need every month from my investments?
- When is the government going to require me to take distributions from my IRAs and how much will I need to take?
- What tax bracket will I be in now?
- How do I make sure that if something happens to me, my investments and income will continue on to my spouse or be received by my children or other family members I desired?
Making An Informed Decision
To make the decision of how to invest, where, and when can only be done with help of a financial advisor. Our firm will help connect you with the right person that will talk to you about your current circumstances, understand your personal needs, goals and what you want done with your funds after you’re gone. These financial professionals may be required to act as a fiduciary over your funds doing what’s best for you rather than what’s best for them.
When searching for a financial professional always ask about management fees or ongoing charges with investments. Make sure you understand how your advisor is being paid and who is paying them. Are they receiving commissions? What are their incentives to sell you one product from a company over another? Are they limited or captive to a brand-name or working independent having a wide variety of companies and products to choose from?
We can help you connect with the specialist who can guide you towards the best possible outcome. A person that will help you answer all of these questions and help take the worry away from your financial future. To connect with a financial professional click here and provide some basic information about yourself. Please remember we will not share this information with anyone other than the advisor we recommend. We will inform you by email who will be contacting you and their phone number. Please place the information in your phone log so when they call you’ll know they’re legitimate and not a robocall. Take advantage of the expertise these people can provide you.
Understanding How Financial Advisors Are Paid is Important
Fees for financial planning are not always charged by advisors. Many will provide their services free to you and would then be paid a commission from any product you may purchase. They are still obligated under the Best Interests Rule to place your needs ahead of their own. This “The Best Interest Rule” was recently passed and will take affect this summer of 2020.
We suggest that you ask your advisor how they are paid, what commissions they may receive, what their planning fees are and if there are any ongoing fees they may charge you monthly for oversight or management.
When moving money to tax qualified investments outside of your retirement plan you can choose a financial advisor that works only for you, understands your individual goals, needs and may take on the capacity of a fiduciary overseeing your investments in your best interests. Often your employer’s retirement plan counselor is limited to offering any investing or investment advice leaving you with the job of doing it yourself and you may not be comfortable with that option.
Movement of Money Strategy
TSP and retirement plans available to employees are typically long term and dollar cost averaging growth investing. Once you retire your strategy will need to change form growth to income. To make this change in one movement of money at one time is not always the best choice. Having an outside plan now, while you are still working, will allow you the opportunity to slowly transfer your growth strategy into an income strategy so by the time you do retire you can ease into a stream of income that may better meet your needs.
It’s Easy To Move Your Money From Your Plan
Provided you are age 591/2 or older you may be allowed an in service retirement funds transfer. This will allow you to transfer all or a portion of your retirement plan funds to an outside retirement plans self directed IRA allowing you to take advantage of selecting an annuity to other qualifying alternative investments for your funds today. Many plans offer the ability to phone in your request to transfer money to a new custodian for a tax qualified IRA account. Sometimes its simple paperwork and your financial advisor should be familiar with each of the processes and walk you through them.
You can learn more about the types of annuities that are available by visiting the annuity selection tab on our website.