Thomas M. Dowling is a Financial Advisor with FSC Securities Corp and works both out of Hilton Head, SC and New York, NY. Prior to FSC Securities, Thomas directed the East Coast expansion of a publicly-traded Investment Banking firm and was Vice President and Senior Advisor of a regional Investment Advisory organization. He was a member of each firm's Chairman's Council and President's Circle. Shortly thereafter, he founded Quadstar Capital Advisors, which provides Advisory Services to Ultra-High Net Worth clients.
Thomas has been featured in various publications and has been a guest speaker at various financial organizations such as the Evelyn Brust Financial Research and Education Foundation and the South Carolina Business Review. He has also been a volunteer for The Dale Carnegie Training Institute which helps people develop leadership, communication and public speaking skills. Additionally, he is the founder and chairman of The Resource Group which is a forum that allows business owners to collaborate in order to help each other gain insight and knowledge to better run their business.
Thomas’s goal is to help people answer two of the most fundamental, yet important, financial questions: "will I make it?" and "what can stop me from achieving it?". After working towards these goals for over 20+ years, he has found that most people have no idea what “it” is. His passion is to help people understand what their “it” is. He believes it is sad when someone is marching towards their goals and dreams and then gets blindsided by something they did not anticipate or overlooked.
Thomas received his BS in Business Administration with a minor in Finance from the State University of New York and completed the graduate-level Certified Investment Management Analyst program (CIMA®) held in conjunction with The Wharton School, University of Pennsylvania. Thomas is proud to hold both the Chartered Financial Analyst designation, as well as the CERTIFIED FINANCIAL PLANNER™ certification, which puts him in a group of fewer than 2,800 professionals in the United States who hold both certifications. Furthermore, he is a Chartered Retirement Plans Specialist.
Thomas is currently a member of the CFA Institute, New York Society of Security Analysts, CFA Society of South Carolina, Financial Planning Association, the National Institute of Certified College Planners as well as the Investment Management Consultants Association.
Thomas attributes his understanding of what is most important in life to his wife and two sons.
BS, Business Administration, State University of New York
Certified Investment Management Analyst Program, University of Pennsylvania, The Wharton School
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If you are younger than full retirement age and make more than the yearly earnings limit, your earnings may reduce your benefit amount. (If you were born between 1/2/1943 and 1/1/1955, your full retirement age is 66 years.)
- If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2016, that limit is $15,720.
- In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit. In 2016, the limit on your earnings is $41,880 but we only count earnings before the month you reach your full retirement age.
You can view this and more at https://www.ssa.gov/planners/retire/whileworking.html
In regards to what income is included, please see below from the Social Security website:
"If you work for someone else, only your wages count toward Social Security’s earnings limits. If you’re self-employed, we count only your net earnings from self-employment. For the earnings limits, we don’t count income such as other government benefits, investment earnings, interest, pensions, annuities, and capital gains. We do count an employee’s contribution to a 5 (over) 6 pension or retirement plan, however, if the contribution amount is included in the employee’s gross wages. If you work for wages, income counts when it’s earned, not when it’s paid. If you have income that you earned in one year, but the payment was made in the following year, it shouldn’t be counted as earnings for the year you receive it. Some examples are accumulated sick or vacation pay and bonuses. If you’re self-employed, income counts when you receive it—not when you earn it—unless it’s paid in a year after you become entitled to Social Security and earned before you became entitled."
Do a Trustee to Trustee rollover from your Roth 401(k) to a Roth IRA. That will allow you to maintain the same tax advantages you had contributing to the Roth 401(k).
You are able to contribute to a Roth IRA $5,500 ($6,500 if you are age 50 and older) if you fall within the income limits.
Phase outs start at an income of $117,000 and then you become ineligible to fund a ROTH IRA at an income of $132,000 if you are single.
Phase out starts at $184,000 and then you become ineligible at $194,000 for married filers.
It would be prudent to contact a qualified financial advisor and/or CPA and have her do an analysis for you.
No. Gains in a Roth IRA will not be taxed.
I leave you with a quote from Warren Buffet.
“Calling someone who trades actively in the market an investor is like calling someone who repeatedly engages in one-night stands a romantic.”
If you are under 59 ½ years old, you will pay a 10% penalty on your withdrawals.
There are a few exceptions to the early withdrawal penalty rule in an IRA such as using the funds for qualified higher education expenses, qualified first time homebuyers up to $10K, health insurance premiums paid while unemployed, or amount of unreimbursed medical expenses in excess of 7.5% of your Adjusted Gross Income or 10% if under age 65. Keep in mind you need to keep records of all these expenses so you have proof if required.
You can avoid the penalties if you put the funds back within 60 days.
Based upon the information you provided, you will not pay a penalty for withdrawing from your IRA. As long as you are over 59 ½, you can withdraw any amount you choose from your IRA without incurring the 10% penalty. Keep in mind you will pay income tax on the withdrawal at your income tax rate.