Meyer Captial Group
Lead Financial Planner and Portfolio Manager
Patricia is in the business of helping people and representing what’s in their best financial interest. She is an objective fee-only financial planner and asset manager that has spent over twenty-five years working in the finance, including twelve years as the President of her own financial services company. Now working for an independent RIA (Registered Investment Advisor), she is an unbiased professional who takes on fiduciary responsibility with all of her client interactions. She specializes with those in life changing situations who don’t have the time, interest or personal experience to manage their own circumstances. She guides clients’ through a holistic planning process that creates a personal net wealth statement and navigates major life events, such as the loss of a loved one through death or divorce, paying down debt, planning for college or planning for a wedding and retirement.
Since most financial advisors are just a deviation of a salesperson in a nice suit that has a process of selling you high priced insurance and investment products, it’s important to recognize that Patricia, nor Meyer Capital Group, sells any investment or insurance based products. She only get paid by you, not various outside third-parties. As a result, the guidance she provides is not compromised by conflicts of interest that ordinary plague most relationships.
Patricia has been a NAPFA ( National Association of Personal Financial Advisors ) member for ten years. She holds a Masters of Business Administration from Drexel University, and a Bachelor of Business Administration from Temple University. She received her Certified Financial Planner™ certification in 1996 from the Certified Financial Planner Board of Standards, Inc. and she holds her FINRA Series 7 and 63 licenses. Patricia also earned the Accredited Investment Fiduciary® designation from Fiduciary360. Fi360 promotes a culture of fiduciary responsibility and improves the decision making processes of investment fiduciaries.
Visit www.MEYERCG.com to use our free retirement assessment planning tool or call us for a free portfolio review session.
Please also connect with us on your favorite social site for tons of helpful personal finance information.
MBA, Drexel University
BBA, Temple University
Assets Under Management:
Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended and/or undertaken by Meyer Capital Group) will be profitable. Please remember that it remains your responsibility to advise Meyer Capital Group, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request. Please Note: Rankings and/or recognition by unaffiliated rating services and/or publications should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if Meyer Capital Group is engaged, or continues to be engaged, to provide investment advisory services, nor should it be construed as a current or past endorsement of Meyer Capital Group by any of its clients. Rankings published by magazines, and others, generally base their selections exclusively on information prepared and/or submitted by the recognized adviser.
Fee-Only Fiduciary Investment Advisor: What's the Difference?
What is a Fiduciary and Why You Should Use One?
Donald L. Kingett and Thomas C. Meyer - Financial Planning
Since you are 77 years old and already taking your required distributions, the IRS provides three options for a spouse after the passing of an account holder:
Option 1: Take the IRA into his own name (This option would NOT accomplish your goal of avoiding the 10% penalty).
Option 2: Take the IRA into an Inherited IRA and start distributions based on his life expectancy number.
Option 3: Take all of the money out of the IRA.
Option 2 and 3 would avoid the 10% penalty, but income tax of course would be due on any distribution.
So yes, your husband will be able to take distributions from the an IRA without penalty.
The best resource to learn about a specific company and their dividend is the company itself. Just Google the company name and look to find their "Investor Relations" page. There you will find all of the stock performance history, splits, merger, spin-off and dividend information. To get your answer you need simply apply the "dividend payment amount" for the given period multiplied by the number of shares. In your sample, if the .50cent is in fact a monthly rate, and not an annual or quarterly rate, than yes the $500 would be paid out monthly on the assigned "payment date" assuming you owned the shares before the "record date".
Learn more about dividend paying stocks at Dividend.com
Learn how to buy stocks directly in Dividend Reinvestment Plans (DRIPs). DRIPs are programs which allow current shareholders to purchase stock directly from the company, bypassing the broker and brokerage commissions. Investors purchase shares with dividends that the company reinvests for them in additional shares. Most DRIPs also permit investors to make voluntary cash payments directly into the plans to purchase shares.
I think you'll find that most financial advisors would generally agree with your professor, but only if you can't afford to pay the entire bill each and every month. Building a credit score is unfortunately a necessary evil in today's world. It is also a potentially very very slippery slope so you need to be extremely careful. Even with a good credit score (700+) the interest rates that these banks are charging can still be in the 10-30% range . On top of that, you can add late fees, limit fees, annual fees, balance transfer fees, cash advance fees, foreign usage fees, etc.
If you have no credit or a low credit score you can consider researching your local credit unions (or bank) to inquire about a "secured" credit card. You’ll use your own money as collateral by putting down a deposit of a few hundred dollars. You can only charge up as much as you have on deposit. Once you prove you’re responsible, you can get back your deposit and upgrade to a regular credit card. Like any other card, you always want to look for a 0 or low annual fee, no application fee and the ability to convert to a regular card in a relatively short period of time (9 months - 2 years).
The second option might be to just apply to the local vendor where you purchase the gas for your vehicle. This will limit your purchases to two to three times a month at relatively low levels ($20-75) and can be easily paid off at the end of each month. Mobile, BP, Shell, Chevron, Sunoco all have them.
A third option might be to get a card from a department store or clothing store that you visit only a few times a year. GAP, Macy's, Target, etc. You don't necessarily want to get it at your favorite store and then rack-up expenses you can't afford. The idea here is to limit access and your usage of the card while still building credit.
You should also be aware of your "utilization rate", which is key in obtaining a good credit score. This is the amount of your credit limit that you spend each month. For example, if you have a $1000 credit limit and spend $100 in a month, you’re utilization will be 10%. Your goal should be to never exceed 30-35% of your credit limit. Generally, the lower your utilization rate, the better your score will be.
I would remiss if I didn't take this opportunity to make a final point about becoming successful at managing your personal finances. While having a good credit score is very important to obtaining the things that you will need in life, like a home and car, it's not the end-all and be-all and doesn’t necessarily have a direct correlation to building wealth or becoming a millionaire. As a matter of fact, most millionaires typically still carry cash and don’t use credit, except to rack-up points or use the charge as a business expense. Being successful in personal finance comes from having a disciplined approach to dealing with your money, regardless of how much you earn. You need a plan for saving, investing as well as good spending habits. The money and work habits that you form today while you are still young will dictate your future success, not your credit score.
Stay out of bad debt and download a copy of The Millionaire Next Door.
Best of luck!
You can find the answer by going to the MetLife Investor Relations page where you will see the dividend payout history, stock information, etc. The chart below is an excerpt with the data you would use to calculate the income over the last nine years. Based on your 26 shares over nine years, it appears that you earned ~ $208.00 of income.
With respect to what to do next with the shares, the site will allow you to compare the performance versus the broad S&P 500 stock market index, any of their main competitors or any other name that you might like to compare.
Unfortunately, the timing of the Great Recession coincided with your inheritance so over the period that you have owned the shares they have not experienced any capital appreciation aka growth. Their peers, as well as the board markets, have all outperformed them.
They are paying you a nice dividend of ~ 3.25%, but you might want to consider another investment vehicle if you still have a timeframe that can withstand general stock market risk and volatility.
|The declaration and payment of dividends is subject to the discretion of our board of directors, and will depend on our financial condition, results of operations, cash requirements, future prospects, regulatory restrictions on the payment of dividends and our other insurance subsidiaries and other factors deemed relevant by the board. There is no requirement or assurance that we will declare and pay any dividends.|
Yes. You might have tax consequences if the product is held in a taxable account, even if you did not sell any of your shares. It’s up to you to report mutual fund transactions on your tax return, as well as pay the appropriate taxes whether the distributions were paid out in cash or reinvested to buy additional shares.
When a mutual fund company passes earnings and other payouts to shareholders, it’s known as a distribution. Distributions from mutual funds occur for several different reasons and are subject to differing tax rates. The major distribution for most funds comes at the end of each year, when net amounts are calculated—capital gains and other earnings minus the expenses of the funds. You should note that these distributions apply to all shareholders for the entire year equally, so if you buy an active fund in December on the day before the distributions are made you are still subject to the same tax ramifications as the person who owned it on Jan 1st.
Even if you didn't sell any shares of your fund last year, the portfolio management team of the fund sold underlying investment positions within the fund and created a capital gain that must be distributed (assuming they don't have losses on their books to offset gains). This is one area to watch when buying "actively" managed fund products in a taxable account.
With that said, you have a few options to consider going forward. One would be to analyze your portfolio regularly and conduct tax-loss harvesting at least once a year so you'll have losses to offset any gains that might be distributed. Another strategy would be to focus on quality low turnover active fund managers. They tend to be a little less expensive to own, are more buy & hold so they don't trade very often in the account and as a result will have lower or no annual distributions. Finally, you can gradually move your taxable accounts to a cheap passive index or ETF product(s) that will not experience the distributions at all.
Morningstar.com will provide you with "turnover rates" and "After-tax" return rates. After-tax returns refers to what you keep from your investment’s returns after paying Uncle Sam. After-tax returns are important because some funds have high before-tax returns but low after-tax returns.
FINRA ( The Financial Industry Regulatory Authority) has a great fund tool that you can find at http://www.finra.org/investors. The Fund Analyzer offers information and analysis on over 18,000 mutual funds, Exchange Traded Funds (ETFs) and Exchange Traded Notes (ETNs). This tool estimates the value of the funds and impact of fees and expenses on your investment and also allows you the ability to look up applicable fees and available discounts for funds.
On a final note, depending on your taxable income level and final tax bracket, you might not be subject to the capital gains tax on your distribution. Check with your accountant for details.
Best of Luck!