A new client wanted to switch out of an annuity she had bought in her retirement account with a previous adviser. Needless to say, my antenna goes up when I see annuities in a retirement account because it is both unnecessary and expensive to own these insurance products for their tax-deferral benefits, when this feature is "free" to retirement accounts. As I waded through her paperwork, I clearly saw that she would be hit with a $3,000 surrender charge to get out -- and I Read on...
Dirty, Money Secrets
“You are my 50th birthday present to myself,” a woman said to me, as we sat down to meet. “I’m tired of not feeling like an adult, it’s like I have a dirty money secret.” I’ve heard variations of this same theme many times. This is what women say to me when no one is listening. I could fill a room with these women -- then maybe they would see that many struggle with this very subject. The trouble is no one wants to admit their deficiency – and if you stay silent, advice won’t find Read on...
My Mother’s Heart
My mom, Lucy, 1945 While I think of my mother numerous times throughout the day, this week, just days away from Mother’s Day, I got a little wink from her. A client of ours sent us a note of appreciation. He and his wife have worked with us since 2015. Not to sound too sappy here, but that’s the kind of stuff that makes what we do so fulfilling. What does my mother have to do with this? Everything. As was often the case with her, she gave money to numerous charities. One such charity was Read on...
A Way out of the 403(b) Maze
It has been almost two years since Tony and I formally embarked on a mission to educate and free teachers from expensive and inappropriate investments in their 403(b) accounts. Our main message has been buyer beware. A teacher, Chase Malia, has taken it a giant leap forward – proposing Resolution #41 to his union, NYSUT, which would affect all of the members, not just his district. The union acted to approve the resolution, which will protect members from financial predators by: Educating Read on...