Integrated Financial Solutions, PLLC
Founder | President
As President of Integrated Financial Solutions; Joe focuses on tailored solutions for Business Owners and Executives. Our investment philosophy is based on award-winning academic research and when coupled with comprehensive planning, we believe it provides an effective solution to assist our clients in having a successful wealth management experience. We believe in a structured tailored approach to investing which utilizes low-cost and tax-efficient investment solutions.
Committed to retirement planning, Joe also specializes in retirement plan design and implementation. He works closely with plan sponsors to assure the retirement plan design selected fits their business’s unique needs. Today’s plan sponsors and fiduciaries are faced with many challenges. Laws and regulation changes, lack of fee transparency, conflicts of interests; IFS tries to bring clarity and provides independent guidance resulting in an integrated approach. In 2016, Joe was honored to be one of Financial Times Top 401 Retirement Advisors in the country.
During his career, Joe has earned the Certified Fund Specialist (CFS) from The Institute of Business and Finance, Accredited Asset management Specialist, (AAMS®) from the College for Financial Planning, as well as Certified Plan Fiduciary Advisor (CPFA) from National Association of Plan Advisors. He is a member of Financial Planning Association (FPA), National Association of Plan Advisors (NAPA), Financial Services Institute, (FSI), and is also a perennial achiever of the distinguished industry award of Million Dollar Round Table (MDRT).
Joe enjoys spending his time with family, friends, and being outdoors with his 2 dogs Kaiser & Chase. A sports enthusiast and avid golfer, Joe also enjoys playing softball, attending football games (particularly the Minnesota Vikings). Joe followed the Arizona Cardinals to the 2008 Super Bowl in Tampa Bay, FL. He also attended the 2009 NFC Championship Game in New Orleans to watch the Minnesota Vikings.
Assets Under Management:
Investment advisory services offered through Integrated Financial Solutions, PLLC (IFS), a Registered Investment Advisor. Integrated Financial Solutions, PLLC will only provide investment advisory services in jurisdictions where it is registered as an investment adviser or exempt from registration. Insurance products and services are offered and sold through individually licensed and appointed insurance agents. IFS does not provide legal or tax advice.
The short answer is it depends on if your plan allows it. You can find out by contacting the plan provider or looking in the Plan Documents. Some plans may allow for withdrawals or loans where others will not. I would first look to see if you can take a loan.
You also have the option of rolling your account over into an IRA and taking a distribution if the plan doesn't allow it.
*Keep in mind that distrubtions will be taxable and you will also be subject to a 10% Early Withdrawal Penalty from the IRS
A lot of factors come into play when deciding to retire or not. I would first ask yourself the following questions:
1) What debt do you have and is it sustainable in retirement? Do you have a mortgage? What are your monthly fixed living expenses?
2) How much will your Social Security Benefit be? Is it enough to cover your living expenses?
3) Do you have any other income sources like Pension, 401k, or IRAs?
In this scenario, I would highly recommend speaking with someone who does financial planning to assist you. We have tools and resources that may be able to assist you in providing a better picture of your retirement and provide you with a Retirement Snapshot.
Paying off high interest credit cards is always recommend when possible.
As far as your other debt, when helping clients with their debt reduction stratagies I usually ask what is the interest rate on those loans and try to compare that against any investment strategy we may implement.
If the loans have a rate of say 9% and they're a conservative investor with a target of say 5%...then it makes sense to get rid of the loan debt.
*Depending on your father's estate size, you may also want to be cognizant about any estate taxes/probate that may arise and lower your anticipated amount.
Stocks are the best source to help your money grow.
I would first suggest thinking about a time horizon or goal on when you plan on buying a house. That should really determine what type of investments are suitable. If it's within a couple years, you don't want to be too aggressive incase a market correction happens within that window.
Rule of thumb if you're young invest in stocks
It's never too late to invest in dividend producing stocks. Even in retirement you should have some portion of your portfolio in equities/stocks. Dividend producing stocks also tend to be less volatile (ups and downs) than other stocks.