Anchor Capital Management, LLC
President & Managing Member
Anne Chernish is Managing Member of Anchor Capital Management, LLC, an SEC Registered Investment Advisor. Anchor Capital Management, LLC, is a small client-centric firm working closely with individuals, couples, families and multi-generation families, and small institutions to plan the accumulation and management of wealth to meet long term plans and objectives. Anne and the Anchor team works from their offices in Ithaca, New York, and serve clients throughout the United States. Anchor operates on a fee-only basis: financial planning services are offered for a quoted price and investment management services are recognized as a percent of assets under management. Anne herself has been serving Ithaca clients since 1989, and has more than 40 years' experience in the securities industry.
Anne's clients look to her for fiduciary advice regarding retirement, estate planning, charitable and comprehensive financial planning. She is a pioneer in wrapping financial planning services with portfolio management to create the wealth management service she currently provides. Anne specializes in serving as a fiduciary for individuals and high net worth individuals, primarily retirees, pre-retirees and people in transition. She has been quoted and referenced in The Journal of Financial Planning; Ithaca Journal; New York Post; Long Island Newsday; Reuters; and San Francisco Chronicle among others.
Anne is a graduate of Notre Dame de Namur University in Belmont, California. She is a Certified Financial Planner™ (CFP) and a qualified New York State Life Insurance Consultant. Anne is in good standing with the CFP Board and NAPFA. She served as the executive assistant to one of the pioneers in personal wealth management and financial planning and has been licensed as a broker-dealer principal by the Financial Industry Regulatory Authority (FINRA). As a holder of the CFP® designation, she actively participates in continuing education opportunities. Earlier in her career, Anne worked at major stock brokerage and financial planning firms.
BS, Business Administration, Notre Dame de Namur University
Assets Under Management:
You do not share your dependent status. If you have dependents who will need the proceeds of a life insurance policy when you die, perhaps. If you have no dependents, look elsewhere. There are other ways to achieve the benefits you outline. Other benefits also provide liquidity should you need to sell. Life insurance works best when purchased young and held for a very long period.
You need to accomplish both goals. It sounds as if you are on track and exhibit a good bit of discipline in achieving these important goals. Your question regarding how to allocate additional funds is one of those questions where I say "split the difference" with your additional money. An addition to each step on the ladder of progress will get you to your goal faster. Once the loans are paid off, accelerate retirement savings.
You do not say how much your student loans are. That is a large factor in deciding how to proceed. Your options are to pay the student debt down rapidly and plan on opening additional savings accounts when paid off or pay off a lesser amount now and save the balance. Paying off debt saves future interest payments which is a negative savings factor. Negative compound interest is a huge burden.
When you do move into your own space, you will have liquidity needs such as an emergency fund equal to 6 months to 12 months living expenses. Emergency funds should not be in a retirement plan because they need to be immediately available.
After you have established emergency funds, think about whole life insurance as well as additional retirement savings. At your age, whole life is an excellent long-term savings vehicle as well as a protection plan. Purchase disability income insurance. After these base achievements, move on to more retirement savings. You may also choose to save outside of retirement plans to purchase a home.
When you reach the point of additional savings for retirement, keep in mind that anything you put into retirement plans will be tied up until you are age 59 1/2. You cannot access without a penalty until then. The IRS imposes restrictions on how much and in what form you can save in retirement plans, so check maximums allowed.
You are off to a good start. Maximizing savings is tied to keeping budget in line long term. You have already developed an admirable savings habit, so continue that. Always live within your means and "pay yourself first" with monthly savings before you think of spending.
As long as you keep the funds separate, a current or future spouse is not entitled to receive it. It is an inheritance; not property earned during the marriage.
Yes, plus you may have additional value from paid up additions which increase value over the face amount.