Financial planning

By Byron Moore, posted September 18th, 2014

Question: I'm trying to get all my financial stuff organized. What do I need to do?

Answer: Let's not do this: straighten up all the unopened bank statements and investment account reports on your desk and call that financial organization.

The following column was published in The News Star on Saturday, September 13, 2014.

Question: I will be retiring in about a year. I’ve talked to a few different advisors. The one I like the best charges higher fees than any of the others, but I really like her and think I would work well with her. I keep reading on financial websites and blogs how important fees are and how they can really impact total returns on your investment portfolio. Which do you think is more important, the fee or the advisor?

Answer: You have to decide if you are purchasing a commodity or a specialty item.  

The following column was published in The News Star on Saturday, September 6, 2014.

Question: My wife and I are really trying to cut back and get a budget going. I’m looking at all the money I’m shelling out for insurance and I’m saying we’ve got to cut back. We just can’t afford all that. But what kind should we cut first?

Answer: Whenever someone raises the twin topics of insurance and affordability, a little red flag goes up in my little brain.

The following column was published in The News Star on Saturday, August 23, 2014.

Question: I want to get things lined up for my retirement. I’m close enough where I don’t think I’ll be taking any big risks in my retirement plan. But how should I invest my money in my retirement plan once I do retire? And how do I get money out?

Answer: Like most questions I answer, I begin with “get a plan.” In this case, a retirement income plan.

By Byron Moore, posted August 21st, 2014

Question: I met with a financial planner and we did a workup on what it will take for me to retire one day. It was sobering. In order for me to save enough money to do what we want to do, we're going to have to make some lifestyle changes. My wife commented that it seems like none of our friends are having to make these kinds of changes. What are we missing?

Answer: The ability to bury your head in the sand, perhaps?

The following column was published in The News Star on Saturday, August 16, 2014.

Question: I want to get things lined up for my retirement. I’m close enough where I don’t think I’ll be taking any big risks in my retirement plan. But how should I invest my money in my retirement plan once I do retire? And how do I get money out?

Answer: First, allow me to bark at the moon and say that, in my opinion, you don’t have money in a retirement plan. You have money in a retirement account.

The following column was published in The News Star on Saturday, August 9, 2014.

Question: My husband and I have started talking about getting a little place on the lake. But I just keep feeling guilty that we are wasting money on ourselves. I know if we had a lake house we could share it with other people, have family there and other things. Is this too extravagant?

Answer: It sounds like you’ve got item number one on your wish list.

The following column was published in The News Star on Saturday, August 2, 2014.

Question: We’ve got the last kid graduated from college and we’ve probably got ten or fifteen years left before we both retire. It’s going to be close, but we should make it. Having said that, we’re thinking about building our dream house. How crazy is that? Is it dumb to take a mortgage into retirement?

Answer: The dumb part would be entering retirement with no financial flexibility.

By Byron Moore, posted July 25th, 2014

Question: I am 51 years old and very, very late getting started planning my retirement. Is it too late for someone like me to start? If not, what do I need to do?

Answer:  Your situation involves time, motivation and expectation.