Lansdowne Wealth Management, LLC
Robert is the President and Advisor at Lansdowne Wealth Management. Prior to founding the firm, Mr. Henderson was a financial advisor with a nationally recognized brokerage firm. His previous experience included numerous senior corporate financial positions, including Director of Finance and Accounting and Controller positions. Mr. Henderson holds a BS degree in Accounting from Bentley University, earned the Accredited Asset Management Specialist (AAMS) designation from the College for Financial Planning, and is a Certified Divorce Financial Analyst (CDFA).
Mr. Henderson is a resident of Mystic with his wife and two children, and is active in a number of local civic, community, and professional organizations: Estate and Tax Planning Council of Eastern CT (Vice President & Board Member), Groton Scholarship Fund (Board Member), MLK, Jr. Scholarship Trust Fund (Board Member), Member of the Greater Mystic Chamber of Commerce, and Mystic Little League coach and volunteer.
BS, Accounting, Bentley University
Assets Under Management:
All great answers and great insights from our other contributors!
My suggestion would be (and I'm making some assumptions here), that you do a couple things:
- Run your Social Security statement at https://secure.ssa.gov/RIL/SiView.do . This will show you what your benefit will be beginning at age 62 (if you needed to claim early), as well as Full Retirement Age, and age 70. Keep in mind (this is HUGE)...those are ESTIMATED benefits, and the SSA system assumes that you are going to continue working at the same income level until your retirement age. If you stop working a covered job prior to that, it will negatively impact your Social Security benefit.
- Assume that you are going to need to work in SOME capacity until traditional retirement age.
- Think about medical benefits. Prior to hitting age 65 (Medicare), it could be prohibitively expensive to secure adequate health insurance.
- Consider investing that saved money in some sort of investment vehicle. Even if it is something very conservative like bank CD's or a fixed annuity (not a fixed index annuity, but a FIXED annuity). You are only 54, so that money might realistically need to last 30+ more years.
- Consider talking to a financial planner. Not someone that is looking to sell a product to you, but a planner that can help you make some good decisions about your financial future.
Best of luck!
I agree with the previous answers...
You and your wife have plenty of guaranteed income in the form of pensions and Social Security (as well as $1MM+ in assets).
- I would NOT liquidate your retirement account to pay for it, as this will create a huge tax liability for you (only based on what you have told us, I would guess it would cost you 25%+ in taxes).
- I would also not liquidate your cash account, as it is always important to have plenty of cash on hand for several reasons.
- My suggestion would be either a home equity LOAN (not a Line of Credit/HELOC, as rates are only going to climb from here) or a mortgage to cover the loan to your relative and the home remodel.
Here's the thing with the length of the mortgage...a 30-year mortgage gives you much more flexibility. The payments are much lower than a 15, AND if you decide eventually that you want to pay it off quicker, you can simply make additional principle payments. The difference between 30 and 15 year mortgages are so small today (0.35 - 0.65% difference), that it barely makes a difference. But the flexibility can make all the difference for you.
I know this answer is rather redundent (as it echos much of what's already been said), but I think it's important to know when there are multiple financial planners all in agreement.
I would not invest this money if you intend to withdraw it within a year. Especially given your financial situation. That is too short a window to be investing money.
There are many forms technical analysis that "work", but one thing they all have in common is that they work until they don't.
In other words, they may work for some time, or under certain conditions, but there are almost always times when the strategy will fail.
Having said that, they 50/200 moving average strategy has been around for ages, and it has some merit. However, (in my opinion) it should not be used in a vacuum, but rather as a single input as part of a broader strategy (including QUALITATIVE analysis of potential investments). Put another way, you should not rely solely on any single form of technical analysis when making an informed investment decision.
You shouldn’t. You should not own stocks that you don’t intend to keep for at least 5 years, or are at least willing to lose money on them. Two months is too short a time frame for any investment (other than maybe a CD).