Author Topic: Financial Planner  (Read 5787 times)

Offline helpusout

  • Dansdeals Gold Elite
  • ***
  • Join Date: Oct 2008
  • Posts: 145
  • Total likes: 0
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Financial Planner
« on: August 06, 2013, 12:49:59 PM »
Does anyone have the name of a financial planner that can help plan savings/ retirement accounts?
Someone that understands tax laws..
Thanks

Offline Lou Bob

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Apr 2010
  • Posts: 1853
  • Total likes: 58
  • DansDeals.com Hat Tips 2
    • View Profile
  • Programs: Starbucks gold, Optavia
Re: Financial Planner
« Reply #1 on: August 06, 2013, 02:23:29 PM »
Does anyone have the name of a financial planner that can help plan savings/ retirement accounts?
Someone that understands tax laws..
Thanks
yep
Always use an Amex, you'll thank me one day.

Offline Yeki89

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Mar 2011
  • Posts: 3858
  • Total likes: 10
  • DansDeals.com Hat Tips 5
    • View Profile
Re: Financial Planner
« Reply #2 on: August 06, 2013, 02:55:31 PM »
I think he wanted more then a poll  :P

Offline Lou Bob

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Apr 2010
  • Posts: 1853
  • Total likes: 58
  • DansDeals.com Hat Tips 2
    • View Profile
  • Programs: Starbucks gold, Optavia
Re: Financial Planner
« Reply #3 on: August 06, 2013, 02:59:18 PM »
I think he wanted more then a poll  :P
he's more than welcome to pm me. I figured that would've been the next normal step
Always use an Amex, you'll thank me one day.

Offline helpusout

  • Dansdeals Gold Elite
  • ***
  • Join Date: Oct 2008
  • Posts: 145
  • Total likes: 0
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: Financial Planner
« Reply #4 on: August 07, 2013, 12:35:14 PM »
I dont understand, there has got to be some DDF members that have retirement accounts?!
And Lou, do you seriously do this for a living? I dont want to be taken for a ride..

Offline 12HRS

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jun 2013
  • Posts: 4767
  • Total likes: 286
  • DansDeals.com Hat Tips 6
    • View Profile
Re: Financial Planner
« Reply #5 on: August 07, 2013, 12:48:25 PM »
I dont understand, there has got to be some DDF members that have retirement accounts?!

Many people have retirement accounts without utilizing a financial planner.

Offline gpapadop

  • Dansdeals Silver Elite
  • **
  • Join Date: Apr 2011
  • Posts: 54
  • Total likes: 0
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
    • Travel Blogger Buzz
  • Location: Ann Arbor, MI
Re: Financial Planner
« Reply #6 on: August 07, 2013, 02:24:58 PM »
I am a financial planner. And no I am not looking for new clients. People in forums with "deals" in their URL would probably not make good clients ;D

I can answer questions here or by PM.

There are lots of charlatans out there, so be careful and take  your time!

Offline jaywhy

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Sep 2012
  • Posts: 3567
  • Total likes: 5
  • DansDeals.com Hat Tips 7
    • View Profile
Re: Financial Planner
« Reply #7 on: August 07, 2013, 02:28:38 PM »
I am a financial planner. And no I am not looking for new clients. People in forums with "deals" in their URL would probably not make good clients ;D

I can answer questions here or by PM.

There are lots of charlatans out there, so be careful and take  your time!
+1 for George :)

Offline LA2NYC

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2012
  • Posts: 459
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Financial Planner
« Reply #8 on: August 07, 2013, 04:26:18 PM »
I'll jump right in:

Gpapadop and Lou Bob (or anyone else), would love your insight!

Dual-income family right now.

A) Plan to go back to grad school in a few years.  One income will fall off.  What is the best investment vehicle to protect income (ie how best to invest) so that it will not be included on a FAFSA form and eligible for paying tuition/loans?

B) Again, dual-income family.  I have always heard of importance of Roth IRA, though this is taxed at current rates.  Assuming wife and I aren't working during retirement when we would take disbursements, our tax rate should be lower in retirement than it is now.  If that's the case, wouldn't it be smarter to invest in a Traditional IRA and be taxed then as opposed to Roth with my higher tax bracket now?

TIA for anyone's insight!

Offline stmark

  • Dansdeals Gold Elite
  • ***
  • Join Date: Jun 2012
  • Posts: 248
  • Total likes: 4
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: New York
Re: Financial Planner
« Reply #9 on: August 07, 2013, 05:26:59 PM »
I'll jump right in:

Gpapadop and Lou Bob (or anyone else), would love your insight!

Dual-income family right now.

A) Plan to go back to grad school in a few years.  One income will fall off.  What is the best investment vehicle to protect income (ie how best to invest) so that it will not be included on a FAFSA form and eligible for paying tuition/loans?

B) Again, dual-income family.  I have always heard of importance of Roth IRA, though this is taxed at current rates.  Assuming wife and I aren't working during retirement when we would take disbursements, our tax rate should be lower in retirement than it is now.  If that's the case, wouldn't it be smarter to invest in a Traditional IRA and be taxed then as opposed to Roth with my higher tax bracket now?

TIA for anyone's insight!

I believe you are taxed on traditional IRAs as income when you withdraw the money.  Therefore, I believe, the benefit of Roth is that when you guys are younger (as the Mrs and I are) right now you put the money in after taxes and withdraw it at retirement tax free as opposed to regular income tax.

your accountant should be able to give you tax advise on the ira part.
for the fafsa stuff I would recommend cold calling a university student finance office and they can advise you on various options or check out the fafsa website.

Offline LA2NYC

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2012
  • Posts: 459
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Financial Planner
« Reply #10 on: August 07, 2013, 05:35:19 PM »
I believe you are taxed on traditional IRAs as income when you withdraw the money.  Therefore, I believe, the benefit of Roth is that when you guys are younger (as the Mrs and I are) right now you put the money in after taxes and withdraw it at retirement tax free as opposed to regular income tax.


Correct.  Though know let's assume tax rate is 25% and retirement will be 10%.  It would make sense to invest in Traditional IRA and be taxed at 10% in retirement than putting in Roth IRA now and taxed at 25%.

Is this correct?

Offline churnbabychurn

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2012
  • Posts: 7172
  • Total likes: 270
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Lakewood
Re: Financial Planner
« Reply #11 on: August 07, 2013, 05:44:21 PM »
Correct.  Though know let's assume tax rate is 25% and retirement will be 10%.  It would make sense to invest in Traditional IRA and be taxed at 10% in retirement than putting in Roth IRA now and taxed at 25%.

Is this correct?
Correct. This is the standard argument for the traditional IRA.

Offline LA2NYC

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2012
  • Posts: 459
  • Total likes: 1
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Financial Planner
« Reply #12 on: August 07, 2013, 05:48:44 PM »
Correct.  Though know let's assume tax rate is 25% and retirement will be 10%.  It would make sense to invest in Traditional IRA and be taxed at 10% in retirement than putting in Roth IRA now and taxed at 25%.

Is this correct?

Correct. This is the standard argument for the traditional IRA.

So the only argument for Roth is when your present tax rate is less than expected tax rate retirement? Roth is so hyped, but it seems that if you're working/making money, Traditional will be a smarter option most of the time.

Is the difference in how earnings are treated at retirement? Roth has tax-free principal & earnings while Traditional is taxed on both principal and earnings.  Is this correct?
« Last Edit: August 07, 2013, 06:02:53 PM by LA2NYC »

Offline michael

  • Dansdeals Platinum Elite + Lifetime Silver Elite
  • *****
  • Join Date: Nov 2011
  • Posts: 580
  • Total likes: 3
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: new jersey
Re: Financial Planner
« Reply #13 on: August 07, 2013, 09:01:46 PM »
So the only argument for Roth is when your present tax rate is less than expected tax rate retirement? Roth is so hyped, but it seems that if you're working/making money, Traditional will be a smarter option most of the time.

Is the difference in how earnings are treated at retirement? Roth has tax-free principal & earnings while Traditional is taxed on both principal and earnings.  Is this correct?

Correct.

There is also the ever so slight possibility, at least according to tax policy professors, that congress may decide at some point to tax Roth distributions. Not likely though.

Offline churnbabychurn

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jul 2012
  • Posts: 7172
  • Total likes: 270
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Lakewood
Re: Financial Planner
« Reply #14 on: August 07, 2013, 09:17:34 PM »
There is also the ever so slight possibility, at least according to tax policy professors, that congress may decide at some point to tax Roth distributions. Not likely though.
+1
Can't trust the Feds.
 I personally believe its always best to hold onto your money for as long as possible...