The Wealth Coach for Women, Inc.
Certified Money Coach(CMC)®
Therese Nicklas is a Certified Money Coach(TM) at The Wealth Coach for Women, Inc, a fee-only Registered Investment Advisory firm. She is committed to helping smart, successful women learn how to make wise financial decisions. She knows coping with money issues is a struggle for many, even when they are successful in other areas of their life. The financial impact for women in transition from divorce, death of a spouse, caring for a family member or changing careers is profound. Often they were not the person handling the household finances and do not know where to begin. Given this, Therese's mission is to provide tools and resources to help them gain clarity and confidence so they can move forward with their lives.
Therese's Wealth Coaching process helps her clients identify what holds them back and move beyond these limitations. Her clients are bright, successful women. Many are entrepreneurs. They are brilliant at helping others but often lack confidence when it comes to money management and business expansion. Therese's distinct coaching program helps women solve common problems associated with choices from their past caused by unconscious money patterns. Money Coaching bridges the gap between behavioral finance and traditional Financial Planning. By identifying the bad habits that hold a person back and replacing them with positive behaviors, the client is empowered with smart money strategies that help them attain their goals.
Therese's Passion Inspired, Purpose Driven(TM) approach helps clients take some of the uncertainty out of tomorrow so they can live their life by design, not default. Together they utilize a holistic financial life planning process that consolidates the fractured advice they may receive from multiple sources. By coordinating the services of her client's financial team, the possibility of something significant falling through the cracks is minimized. Throughout the process, Therese holds their hand while holding them accountable.
Therese has been featured in the Wall Street Journal, Forbes Magazine, and more. She is a sought out speaker, serving as a subject matter expert for many healing arts, divorce mediators and grief counseling centers.
BS, Business Administration, Eastern Nazarene College
Certificate in Financial Planning, Boston University Center for Professional Education
Assets Under Management:
Investment advice offered through The Wealth Coach for Women, Inc.® a Registered Investment Advisory firm offering fee only advisory services in the State of Massachusetts and in other jurisdictions where exempted. Custodial services offered through TD Ameritrade Institutional, Member FINRA and SIPC. The Wealth Coach for Women, Inc. is a separate entity from TD Ameritrade Institutional. For a list of states where I am registered to do business, please visit www.wealthcoachforwomen.net. Third party posts found on this website do not reflect the view of TD Ameritrade Institutional and have not been reviewed by TD Ameritrade as to accuracy or completeness.
What Happens When Passion and Purpose Collide
Does Your Financial Advisor Have Your Back?
What are you doing now to supplement your income and how much is your social security benefit? Will you need to continue supplementing income once you are on Social Security? Before you touch the annuity, I recommend having a professional review the policy for you. They should look at the annuity expenses, performance, how giving up the guaranteed $2,200 monthly for life will impact your overall retirement picture if you cash out and if you wait to draw on the annuity, will the monthly benefit go up? If you start drawing on the IRA, you will need to take additional funds to cover taxes. If you have other resources that are not taxable, you might consider splitting your need between the non taxable and the IRA.
I am so happy to see you asking this question before you receive the inheritance. If you google "sudden wealth" or "lottery winners", you will find that most people that receive sudden money are worse off financially within 2 years of receiving their windfall. My first recommendation is for you to find a CFP that specializes in financial education. Before you invest or spend a dime, work with a professional that will help you increase your financial wisdom to a level that will support having such a large amount of cash. Part of the process should include a holistic financial plan. That means the professional will work with you to build a plan that includes every aspect of your life's dreams, goals and aspirations. Your plan should not be stagnant and the professional should be someone that will not only tell you what you need to do, but show you how to do it. They should guide you while holding you accountable for the outcome. That will be your best first investment. Second, pay off your debt. Feel free to reach out privately if you want more information. My website is https://wealthcoachforwomen.net. Best of luck, and congrats!
Absolutely not! Never EVER borrow money to create an investmentment. Build your account from current cash flow. If your account earns 4%, that is the annual dividend rate, not monthly. Assuming this is accurate, your income from the portfolio will be $2,000 a year, not a month.
Please accept my condolenses for your mother's health. I was in the same boat a few years ago and understand how difficult this is. Your questions are difficult to answer without a little more information. The best answers could vary depending on what state you live in. Are any of your mother's assets in a trust? Have any assets been sheltered from Medicaid? Does she draw income from the annuity? Is the annuity out of surrender and one where you can draw the principle without restrictions? Is anyone living in the house?
Without knowing the answers to these questions, I would suggest looking into the annuity first. If you have flexibility and can withdraw any amount, this might be the easiest option. If you can establish monthly distributions to cover the cost of the nursing home, this will be easiest. The other option is to consult an elder law attorney and determine if she is eligible or can become eligible for assistance.
If you have an outstanding loan and stop making payments, the balance of the loan is taxable as income in the year you stop making payments. It does not impact the current balance of your 401k since it has already been withdrawn. If you roll over the remaining balance into an IRA, the rollover amount is not taxed. If you withdraw the amount and deposit it into a NON IRA (like a bank account for example) the amount you withdraw is taxed as ordinary income. The tax rate will be your current tax rate. If you are over 59.5, you will not incur a 10% penalty.