Financial Planning / Retirement Questions

By Terry Savage

Financial Stability Possible?

Answered on April 27, 2013

I am a divorced medical professional living with my parents I work only 6 hours a week and I'm in school to obtain another license, my take home pay fills my gas tank other than the obvious answer how do I get myself financially secure? SAVAGE SAYS: Well, there are three good things to say…


Answered on April 20, 2013

My wife and I receive SS benefits and I have a part time job. Since I have contributed the max during my pre retirement jobs will I ever benefit from the amounts that are withdrawn from my current paychecks? Also, is there a way to check if my current benefits are correct? Thank you. SAVAGE…

Mom moving in — will it impact Medicaid benefits?

Answered on April 20, 2013

My mother in law 65 y/o currently lives with her husband in a house they own. She receives retirement benefits as well as medicaid and medicare. My husband and I are planning on purchasing a home and she would move in with us (her name will be on the deed as well) My question is;…

Required Minimum Distributions from 40l(k) — or IRA?

Answered on April 20, 2013

Ms. Savage, Can 401K and 403-B Required Minimum Distributions be bundled and taken out of an IRA account or do they have to come out of 401K and 403B specific accounts? Thank you for responding. SAVAGE SAYS: When calculating required minimum distributions (due in the year after you reach age 70-1/2), you have to calculate…

What do do with Union Annuity and Pension checks

Answered on April 20, 2013

Terry, I'm going to retire next year at 64 and I will have a Union Annuity of $60,000 plus a pension of 3500.00 per month. Should I take all of the annuity and put in a tax shelter fund or draw it monthly? SAVAGE SAYS: I'd need to know a lot more about your options…

How much should I pay for planning advice?

Answered on April 20, 2013

Terry i have corresponded with you in the past about cfp fee only. i'm about to look seriously for one but i would like a price range of what a fee should be . my net worth is about 850,000.00 and my wife and i are 32. i dont know if that helps but i…



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