Financial Planning Solutions, LLC
Rick Fingerman is managing partner and co-founder of Financial Planning Solutions, LLC, an independent financial planning and Registered Investment Advisor located in Newton, MA. He has over 25 years’ experience helping people make intelligent decisions with their money.
Rick specializes in helping clients plan for retirement, create a proper investment plan, save for college, and protect their assets from a catastrophe. He also has expertise in financial issues specific to women and women in transition. He believes having a good financial plan that addresses one's goals and concerns, can make all the difference in the world.
Rick currently holds the CERTIFIED FINANCIAL PLANNER™ designation as well as the Certified Divorce Financial Analyst™ professional designation from IDFA™. For those in the unfortunate position of going through a divorce, Rick can be instrumental in helping them determine a fair division of marital assets.
Rick is an active member of the Financial Planning Association of MA where he is a past President and Chairman. Currently, he holds the position of Liaison to the Financial Coaching Program with Dana Farber Cancer Institute in Boston. This program provides pro bono financial planning to cancer patients and their families. You can watch a short video on this program under the Client Center tab on the home page.
Rick has been quoted in several national publications such as the Wall Street Journal, The Boston Globe, The Chicago Tribune, and CNBC MarketWatch. Furthermore, Rick has been granted several awards throughout his career such as the Boston Five Star Professional Wealth Manager Award in 2013, 2015, and 2016 as well as other prominent awards for financial planning and work with Pro Bono and charitable organizations.
Rick lives in Lynnfield, MA with his wife and stepdaughter. He is also the proud father of a grown daughter and son from a previous marriage. His interests include spending time with his family, performing stand-up comedy, woodworking, hiking, exercise, and nutrition.
Assets Under Management:
Financial Planning Solutions, LLC (FPS) is a Registered Investment Advisor. Financial Planning Solutions, LLC (FPS) is providing general information for educational purposes only. This should not be considered specific investment, tax, or legal advice. FPS only renders personalized advice to each client. Information herein includes opinions and source information that is believed to be reliable. However, such information may not be independently verified by FPS.
Meet Rick Fingerman, CFP®
A spouse generally can collect on a spouse's retirement benefit but not their disability benefit. Once your husband reaches his full retirement age (most likely 66) his disability benefit becomes a retirement benefit and you would be able to receive a spousal benefit at that time. If you have your own work history you can collect on your own benefit instead.
I suggest reaching out to your local SS office to confirm your benefit.
Rollovers are only allowed from a retirement plan to another retirement plan so you couldn't actually take money directly from your wife's 401k and put it into a 529 plan.
You could take the 36k out of the 401K BUT I strongly recommend you not doing so. You would be subject to income taxes today as well as a 10% penalty as your wife is under 59 1/2. That 36k could be worth only 20k or so when factoring in the taxes and penalties.
There is always a way to finance an education but there is no way to finance a retirement.
You have built up a sizable amount in your retirement. I suggest to continue doing so and leaving your wife's retirement money for retirement.
This is a great question. Generally speaking, annuities have several options pertaining to the length of time one receives payments. Terms like "life" means one receives payments for their whole life no matter how long they live. This is great if one lives to 120 but not so great if one dies too soon. "Life with a period certain" allows one to receive payments their whole life, but if they die too soon the payments continue for a period of years such as 10.
Best thing to do is call the company and ask them what option you have. This should also be in the contract.
There are many thing to consider before gifting a house to someone. First, when one gifts a house while alive, they are gifting a large possible tax liability along with the house. Let's say mom's house is worth $100,000 and she bought it for $50,000. First off, if she gifts the house to her son, the value of the gift is considered to be the fair market value at the time of the gift. $100,000 in this example. If he sells the house the next day, he would owe taxes on the $50,000 gain. Because the house is worth more that the annual exclusion of $14,000, a gift tax return would also need to be filed.
If instead, mom left the house to her son in her will, the value is still $100,000 but if he sold it the next day for $100,000 he would pay no taxes.
Seems like this is a two part question.
Paying off debt can be a very difficult. Unless one has more money coming in than going out each month, getting rid of this can seem impossible.
It can be done. However, one has to really be committed to the goal and resist anything that gets in the way. Here are some things I suggested clients do over the year. Some may seem extreme but people that stuck with it are in a much better place now.
1. Eliminate ALL unnecessary expenses. Going out to eat, cable, and just buying stuff you really don't absolutely have to have
2. Get a part time job. This does not have to be forever; just until the debt is gone. Take EVERY dollar from this part time work and put it on the debt.
3. If your fixed income is below your fixed expenses (after getting rid of the extras) consider moving to reduce living expenses.
Building credit can be done in a few ways.
1. The first thing you need to do is stay current on all of your bills. Make at least the minimum payment ON TIME each month.
2. When one card is paid off, take the payment you were making to the paid off card and add that to the next card.
3. Try to keep the amount you owe on each card no more than 50% of the credit line