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Author Archives: Nancy Hecht
My Orlando Business Journal Article
Orlando Business Journal – 2013-06-28 digital edition
http://edition.pagesuite-professional.co.uk/launch.aspx?eid=0ff8bf2b-c6e3-4e90-8dc4-388417b26041
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Listen to 96.5 FM this Saturday.
Be sure to catch “On The Money”
This Saturday hear
Nancy Hecht CFP® and Joe Bert CFP®
co-host our program
“On The Money”!
They’ll be discussing . . .
• The Most Undervalued “Investment.”
What It Is and Why You Need It.
• Retiring Early? Make Sure You Know the Rules for Early Withdrawals.
• Is Healthcare Determining Your Retirement?
Call or eMail
Your Questions:
407-290-0058 OR
1-800-328-5858
Nancy@FinancialGroup.com
Joe@FinancialGroup.com
Listen for details about
our upcoming workshops:
Social Security:
Maximize Your Benefits
Thursday, July 25, 2013 – 6:45pm – 8:00pm
Hosted by: Nancy Hecht CFP®
and Denise Kovach CFP®
Countdown to Retirement
Saturday, Sept 7, 2013 – 11:00am – 1:00pm
Hosted By: Roger Johnson CFP® and
Estate Planning Attorney Jodi Murphy, J.D.
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Tune in for
“On The Money”
Every Saturday
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at 9:00 a.m.
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Is healthcare determining your retirement?
I am currently working with a couple that is, by accepted standards, not ready to retire. Both of them are on their mid 50’s, have worked at their current positions for 30 years, but now should retire. Why? With healthcare reform looming, their heath care benefits will go away as retirees if they do not exercise them now.
I was asked to put together a comprehensive retirement plan with specific emphasis on their heath benefits. If they retire now, at the end of their 30th year on the job, they will receive retiree heath benefits and remain part of the group. If they do not – it is gone. They both work for large companies with a very nice retiree benefit, one that they cannot afford to ignore. I fear that this is just the beginning of this trend. Long term employees who enjoy what they do, plan on retiring in their 60’s as most people do, are being forced to make the decisio0n to retire now or lose that for which they have worked a life time for.
Talk to your H.R. department to see what your company policy is regarding this very important decision. This is one you cannot afford to let slip through your fingers.
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You are never too young to start.
Recently, two of my friends asked if I would meet with their 20 something kids. One is getting ready to graduate from college; the other is just starting their first job. These Parents want their kids to start off on the right foot. While this is far from my normal client, I am more than happy to meet with them.
Having money is a big deal, learning how to use it is an even bigger deal. What I hope to show them is how important it is for them to save for emergencies as well as for retirement. They need to know that if they use all of the time they have on their side, they will be very well off. By well off, I don’t just mean financially. Leaning how to use and save money can give peace of mind, the power to make smart decisions, and a happy retirement.
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Why is there a river running out of my front door?
This is the question I asked myself as I was approaching my front door about 18 years ago. As I opened the front door, a flood of water poured out. The pipe under the kitchen sink had burst. It is amazing how far water can go and how quickly it can damage things. Why do I bring this up? Recently, for an interview I was asked what I felt was the most undervalued investment? While my answer is technically not an “investment”, it is the most undervalued. I am speaking of your emergency savings.
Not enough of us have an emergency savings account but everyone has emergencies. A pipe bursting, the A/C unit dies, you roof needs to be replaced -these are items most do not prepare for. These are the items that just may push someone into a financial tailspin. We all need to save at least 3 months of expenses, more if possible. This account needs to be tucked away for an emergency. That is it; you do not touch that account for other purposes.
Give yourself the peace of mind necessary to deal with your own river coming out of the front door.
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This is my 100th blog.
Why all of this talk about bonds?
Interest rates have been kept in check for a number of years, not being allowed to rise and fall as they normally do. Bond prices, whether it is an individual bond or a bond fund, move in the opposite direction to those rate changes. Rates are apparently going to be allowed to increase some time early next year. With all of the current talk about this topic, I thought I’d share an email conversation I had today with a client.
Client:
Nancy, as you know, we do need the income from the shares so where does that
leave us when the bonds go down?
My Reply:
If you are concerned about receiving income, you care about your share balance, not if the value of the fund is going up or down. We do not want to have funds with long term maturity because the value will not react as quickly as those with shorter term maturity… But really, you want the income; you do not care as much about the value.
Client:
Yes, you are right, I do want and need the income now and in the future.
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Because I care, that’s why!
I recently started working with a couple that is three years from retirement. During our first meeting, all we did was talk. I wanted to know what they are doing now, about their family, what they want to do with their time in retirement and what are their dreams and desires. During our second meeting, I reviewed all of their assets, liabilities, pensions, social security and expenses. Then it was time for me to work.
At our third meeting, I presented them with a retirement plan that looked at their cash flow, taxes, which pension choice to choose, when to start social security, and gave them independent investment information on their current investments. I then asked them to take everything, digest the information and write down any questions they have so we can discuss them. I want everyone I meet to feel comfortable with the plans I give them, and most important, be able to understand the plan.
After the third meeting, Mrs. Client asked why her current guy at the bank didn’t do any of this stuff, and why the only call she has received in three years is to be told she has a new Rep?
Because I care – that’s why. I want my client to understand what I am presenting and that I want to see them regularly, at least every six months, to keep up to date on each other. This is how I have run my business for 30 years. This is what I will continue to do.
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Time for another question!
Q: I will be turning 70.5 in November. When do I have to take the mandatory withdrawal, and how much do I have to take?
A: You have to take your first Required Minimum Distribution no later than April 1st of 2014. Your first withdrawal will have to be 3.65% of the 12/31/12 balance of all of your Qualified Accounts. If you wait until April 1st of 2014, you will have to make two withdrawals that year. Two withdrawals in one year could increase your tax burden tremendously. You may want to take part or all of your first RMD this year to ease that potentially large tax in 2014.
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This really happened.
Last week, I met with a retired couple that have been clients for 3 years. Mrs. Client told me she received a troubling phone call just a few days prior to our meeting. Here is the gist of the call:
A man with a foreign accent, who said his name, was Paul Smith claimed to be calling on behalf of Medicare. He wanted to know if they would like to upgrade their Medicare services and receive a new card. First off, no one form the Medicare office calls retirees. Here comes the scary part – he knew their bank, account number, and next check that they would use.
My client immediately called their bank and the police. Flags have been placed, fraud files have been opened, and this is what is happening today. Please be as careful as you can with your information. I have no idea where this call originated from. There is a lot of fraud, especially in regard to the elderly. Keep your eyes and ears open.
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