DRM Wealth Management, LLC
President Founder - Financial Planner
David Rae is the independent LA CFP®, AIF® to Lead Your Financial Team. We believe everyone can retire earlier and with more money than they ever thought possible.
David Rae, Certified Financial Planner®, Accredited Investment Fiduciary® and Wealth Manager positions his clients for prosperity.
Name one of the "100 Most Influential Financial Advisors" by Investopedia.
“Once you get your financial house in order,” he says, “It’s a lot easier for everything else–personal life, professional life, family life and recreational life–to fall into place too.”
Working with a wide diversity of clients for well over a decade, he has built a successful career developing comprehensive financial plans to meet life goals, retirement, tax planning, estate issues, portfolio revision, life insurance, portfolio management, business exit strategies and more. While based in Los Angeles, he serves clients across the country. At the same time, he enjoys a solid reputation as a smart, go-to financial guy for both mainstream and LGBT print, broadcast and online media.
David grew up Irvine, California. His father Mike Rae retired from a career as an NFL quarterback (USC, Raiders, Redskins, Buccaneers) while he was still in elementary school. This gave him a front row seat to retirement planning and money manners early on. His mother, Terri, was something of a financial genius who ran a tight ship, planned carefully, got the most bang for the buck and successfully avoided the financial traps that often snare former athletes and their families.
At the University of Redlands, David majored in Business and Musical Theatre, earning full-ride scholarships in both disciplines. A year studying abroad in Vienna, Austria – in addition to consistent and considerable amounts of world travel that he keeps up to this day – engendered a dimensional world view about peoples and cultures.
Life in finance
Financial planning has proven an excellent fit for fully engages David’s considerable math, social and communication skills. He began in 2003 as a Financial Advisor and hit the ground running. After completing the CFP’s rigorous two-year preparation program, in 2006 he passed the two-day CFP exam (the financial industry’s equivalent of the bar exam) with flying colors, earning him his professional certification. He achieved his Accredited Investment Fiduciary certification in 2015. He became President of DRM Wealth Management in 2017. This independent RIA specializes in helping the friends on the LGBT community reach their financial goals.
In addition to building his own business, David has always been active in helping others build their businesses as well. In 2004, he founded the Beverly Hills Breakfast Club chapter of BNI, an international networking group, which has grown today into the largest and wealthiest chapter in Southern California. He was also named an "Adviser with Heart" by Wealth Management Magazine.
“There’s a significant lack of financial literacy in the general population,” David reports, “Even among those who are very bright. This may be related to being phobic about math since so much about money is really about math too. My function is to translate what may seem to be overwhelming and confusing concepts and programs into something clear, understandable and attainable. Essentially it’s pretty simple. You have a dream or life goal? Great, let’s sit down together, plan a workable strategy on how to finance it and make it a reality.”
David Rae is the go to Financial Expert for the media. He has been seen, quoted and published in many national publications including Nightline, ABC News, CBS News, Fox News, NBC News, KTLA News, KCAL 9 News, Time Magazine, MSN Money, Men’s Health, NBC News, The Today Show, US News & World Report, Yahoo News and 401(K) Specialist Magazine and many more. He blogs weekly on financial issues for The Huffington Post where he is noted for his trenchant observations and spot-on wit. He is also a regular contributor to The Advocate Magazine and Investopedia blogs. Recently, David was interviewed by Nightline. He also has his own personal finance blog Financial Planner LA
David has completed the 545 mile Aids Lifecycle bicycle ride from San Francisco to Los Angeles for seven years in a row becoming not only a top fundraiser personally but heading a team that raised over a million dollars for the organization. A longtime and enthusiastic resident of West Hollywood, he lives with his husband Ryne Meadors and their two chihuahuas.
More info at www.davidraefp.com
or the top rated www.FinancialPlannerLA.com blog.
BA, Business Adminstration, University of Redlands
Assets Under Management:
All information herein has been prepared solely for informational purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security investment or instrument or to participate in any particular trading strategy.
Securities and investment advisory services offered through DRM Wealth Management LLC Registered Investment Adviser. DRM Wealth Management LLC, Trilogy Capital, TD Ameritrade, SEI and Investopedia are separate and unrelated companies. www.financialplannerla.com
Fiduciary Rule and Dodd Frank Video From ABC 7 News
Record Powerball Lottery What to do if you Win - VIDEO
Tax Reform and your Wallet NBC News with David Rae
How to get a Friend to Pay You Back KTLA Video
You can only contribute to a 401k if you have earned income. If you end up working and having earned income then YES you can take money from and IRA and still contribute to a 401k. This can be a good way to minimize Required Minimum Distributions and maybe even capture and employer match.
Social Security for retirement income doesn't play into this 401k/IRA contributions discussion.
ROTH IRA and ROTH 401ks are not exactly the same - I wrote a post on which is better What is the difference between a ROTH IRA and ROTH 401k? Which is Best? Give it a read.
As for being able to pull money out penalty and tax free the entire rollover will not be available to pull out. But the money you contributed will be available to pull out. The contributions will have needed to be in the ROTH for 5 years to avoid a penalty or taxes.
Make sure to review this with your trusted fiduciary financial planner and CPA to make sure you are not missing anything. Also looking at the bigger financial picture- don't ignore what pulling money from your retirement accounts could do to your changes of achieving financial freedom - or retiring securely.
As far as I know this is only a company by company thing. Only other issue is you can only contribute 100% of your income via salary deferral.
Good job for looking to max out your 401k, and sorry you have had to deal with an employer making is so difficult to save for retirement.
Depending on your income you may still be able to set up an IRA in addition to your 401(K) and put away an additional $5500 plus $1000 catch up contribution.
You want to check out the XYPN planning network. They offer a lot of resources for folks launching thier own RIA firms.
If you have your 65 you should be able to take AUM.
RIA is the future of financial planning advice. As a financial planner I really like your plan of starting slowly while still in the military. It will make the transition easier, and if you want to work with other military members you will be in a good position to meet many of them, and speak their language and understand their needs.
You may be able to avoid the dreaded PMI with a piggyback loan but your will likely pay a premium with higher interest rate and fees on the second loan. If he can't afford the house with PMI or come up with the full down payment- he really should think about putting off the home purchase- he really isn't that far off from the full down payment. Overextending yourself for a you can't easily afford is never fun.
Live for Today, Plan for Tomorrow.
DAVID RAE, CFP® is a retirement planning specialist with DRM Wealth Management. He is also a regular contributor to the Advocate Magazine, Huffington Post as well as regularly appearing on various News Shows. For more visit www.davidraefp.com. or check out the Financial Planner LA blog.