Clear Financial Advisors, LLC
Rob’s career mission has been to promote credentialed, holistic financial planning awareness among the public. Recognized in this goal, Rob was selected by CFP Board in 2014 to serve as CFP Board Ambassador. As an Ambassador, Rob promotes the importance of CFP® certification especially among the public in working with a CERTIFIED FINANCIAL PLANNER™ professional who is trained in the many areas of personal financial planning.
In addition to his role as a CFP Board Ambassador, Rob is an Enrolled Agent (EA) helping clients in tax matters and tax planning, a Chartered Financial Consultant, and a Chartered Advisor for Senior Living. He also holds a Life Insurance Counselor license. Rob has also take post-graduate classes and received certificates in taxation and financial asset management.
Having over a decade of experience with the media, Rob is frequently quoted in the media, including the Wall Street Journal, New York Times, Forbes, CNBC, ABC News, CNN Money, Reuters, Detroit Free Press, Chicago Tribune, Dow Jones Newswires, MarketWatch, National Public Radio, and other publications. He has been published by Forbes, US News & World Report, FiLife (a former IAC / Dow Jones joint venture), Yahoo! Finance, and other outlets, in addition to his own Clear Money Blog.
In addition to his work as a personal financial advisor, Rob is an adjunct instructor of economics, and he has also taught the required courses for candidates to sit for the CFP® examination. He has contributed to the retirement planning knowledge requirements for those seeking international CFP® certification under the Financial Planning Standards Board.
In his free time Rob enjoys listening to non-fiction audiobooks, coaching youth lacrosse, and jogging.
BS, Human Ecology and Family Resource Management, The Ohio State University
MA, Economics, Walsh College
Robert Schmansky, CFP® Financial Advisor Profile
You may have a few options to rollover your account. If your employer offers multiple options for 403(b) providers, you can likely move out of your current provider to the new one.
If you are over age 59.5, you may be able to roll your funds out to an IRA.
Be aware of any exit penalties that may apply. Often times though it can pay to pay these to leave a high-cost product.
There are hedging types of funds, however, the value of the few hedge funds that have added value over time have largely come from one trait - a lack of liquidity. Hedge funds were designed for long-term investors who could lock money into an illiquid investment. No hedging-type fund wants to have investors run on their fund during a down period.
Most of these funds have had characteristics similar to investments in cash and cash alternatives with obviously substantially higher risk. Others have had horrible track records. Some had great records when they were small and nimble, only to become bloated and not be able to invest as they did at the start. Consider if you really need to invest this money, and if not look at the bank. If it's a longer term investment, consider working with a professional on a solid investment plan before gambling in funds like these.
Simple. Open an account where you want. Complete a transfer form. If the securities can be held at the new firm you can move them in-kind rather than cashing them out.
Some contracts have waivers for disability. Most do allow a surrender-free amount of 10% per year. I would read over the exemptions and charges sections of the contract, though these are very often difficult to translate.
Your question is impossible to answer without going through a full financial plan. However, instead of cashing out an asset you can use for expenses and likely pushing yourself into a higher tax bracket you could consider refinancing your debt at a rate much lower than 7%. You are going to run into tax planning issues with increasing your taxable income, but if you have not started Social Security or pension income streams.
The tactic you are considering is a form of market timing that many engage in at the worst time. A long-term, low-rate, fixed mortgage could be beneficial to a financial plan, but you have to be willing to take a long-term view. Many cash out investments after a poor year, and miss out on long-term averages, while putting money into a home that they won't be able to access.
I'm not saying this should or should not be paid down, but I would first look at strategies to lower and lock-in the interest rate. Many studies suggest a long-term mortgage or reverse mortgage early in retirement may be beneficial to those that would otherwise need those funds.