Benjamin Hovland

CFP®, CRPC®
Retirement, Investing, Insurance
100
Answers
0
Articles
“Benjamin Hovland has a strong passion to build meaningful and trusting relationships with pre-retirees, retirees and small business to develop systems and strategies to help achieve their financial goals.”
Firm:

Signature Wealth Management

Job Title:

Financial Advisor

Biography:

Benjamin Hovland is a Financial Advisor with Signature Wealth Mangement, a firm that is changing the paradigm of what clients should expect from an independent broker-dealer. They are doing so by transforming the way they lead into the way they listen. Benjamin believes in consistent, timely and responsive service. Benjamin and his team's service system focuses on the client and the details of their financial situation and goals. Through their planning process Benjamin can provide a unique, tailored plan that guides his advice and ongoing relationship.

Benjamin was previously an advisor and insurance specialist with Ameriprise Financial. He earned his CERTIFIED FINANCIAL PLANNER™ and Chartered Retirement Planning Counselor (CRPC®) designations. He has his Series 7 and 66 Life, Accident, Health and Variable insurance licenses. Benjamin graduated with his Bachelor of Arts in Sociology at the University of Minnesota.

Benjamin and his family reside in Plymouth, Minnesota. He is married to his wife Katrina and is the proud father of Livian and Adeline. His hobbies include golf, outdoor activities, hunting, fishing, and grilling meals for his family.

Education:

BA, Sociology, University of Minnesota

Assets Under Management:

$50 million

CRD Number:

5245932

Insurance License:

#40017585

Disclaimer:

Signature Wealth Management is a marketing name for securities and investment advisory services offered through SagePoint Financial, Inc.  Member FINRA/SIPC.

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All Answers
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You have reached a magical age according to the IRS which means you can no longer defer the income taxes.  Any amounts withdraw from the pre-tax account will be taxable as ordinary income.  If you choose not to withdraw your Required Minimum Distribution (RMD) the IRS can penalize you up to 50% of the amount you should have withdrawn.   Your RMD should be around $7,800 which means if you choose not to withdraw, your penalty would be around $3,900.  Here is a link to determine your RMD for this year as well as any future RMDs - https://www.irs.gov/pub/irs-tege/uniform_rmd_wksht.pdf.  If you have your account held with an insurance company or brokerage firm, a simple phone call should help you determine what this year’s RMD is.  Since you turned 70.5 this year, you technically don’t need to withdraw your funds since you can wait until the year following.  With that said, you will be required to withdraw this and next year’s amount in the same year which is why most people choose to withdraw in the year they turn 70.5.  For my clients, they choose to withdraw in December and use toward their Holiday purchases.

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