Duell Wealth Preservation
Owner and Founder
Gary Duell is the Owner and Founder of Duell Wealth Preservation, an Oregon Registered Investment Adviser firm. Gary and his team know Health and Life Insurance is more than protection and risk reduction, it is a financial tool that helps secure the future of their clients retirement and gives them the freedom to experiment with new ideas and realize the passions that they put on hold while they are building a career and raising a family. That is why they specialize in insurance and financial products that help provide financial security such as Life Insurance, Annuities, and Long Term Care.
Gary provides comprehensive financial plans and the appropriate insurance and investments to implement them, continuing ethics education classes for insurance agents, as well as public seminars. He is currently on the faculty of Portland Community College’s Community Education department to provide retirement education to pre & current retirees.
Gary was born in Garden City Kansas, moving with his family to Salem, Oregon at the age of 5. He graduated from Willamette University in 1974 with a double major in psychology and philosophy. There being a scarcity of philosophy jobs, Gary took a harrowing nine-month stint at Oregon State Hospital as a psychiatric security aide on the women’s maximum security unit. “One Flew Over the Cuckoo’s Nest” was filmed there during that time, which only added to the chaos. The experience prompted Gary to change careers. He graduated from Willamette U. again, in 1977, with an MBA. After 18 years with Farmers Insurance, first as an underwriter, then supervisor, and then as an agent, Gary left in 1996 due to the purchase of Farmers by British American Tobacco. In 1997 he completed the last series of courses and exams to get the Chartered Financial Consultant (ChFC) designation from The American College at Bryn Mawr PA.
Gary served a three year term on the Clackamas County Economic Development Commission and was chair of the Surface Water Management advisory committee. He was Treasurer on the Clackamas Community Land Trust board of directors and helped merge the CCLT with Proud Ground, their Portland counterpart. He is also a charter member, past President and current Treasurer of the Happy Valley Business Alliance. Gary loves what he does mostly because of the people he gets to work with. Many clients and friends have been made over the years.
B.S. in Philosophy & Psychology 1974, Willamette University
MBA 1977, Willamette University
Chartered Financial Consultant (ChFC) 1997, The American College
WARRANTIES & DISCLAIMERS
All information offered on this website is for guidance and informational purposes only and should not be considered specific advice. This website and information are not intended to provide investment, tax, or legal advice. Every situation is unique. You should speak with your adviser prior to making any investment decisions. Advisory services are offered through SGL Financial, LLC (“SGL”), an SEC registered investment adviser, and Gary R. Duell (“Duell”), an Oregon registered advisory firm. Insurance products and services are offered independently through individually licensed and appointed insurance agents in appropriate jurisdictions.
SGL is an SEC Registered Investment Adviser located in Buffalo Grove, IL and Gary R. Duell is an Oregon Registered Investment Adviser. SGL and Duell may only transact business in those states in which they are registered, notice filed, or qualify for an exemption or exclusion from registration requirements. Duell Wealth Preservation’s web site is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of this web site on the internet should not be construed by any consumer and/or prospective client as a solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the internet. Any subsequent, direct communication by an investment adviser representative of SGL or Duell with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of SGL or Duell, please contact the SEC or your state securities regulator for further information. A copy of SGL’s or Duell’s current written disclosure statement (Form ADV 2A) which discusses SGL’s and Duell’s business operations, services, and fees is available at the SEC’s investment adviser public information website www.adviserinfo.sec.gov or from Duell Wealth Preservation upon written request. SGL and Duell do not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Duell Wealth Preservation’s web site or incorporated herein, and takes no responsibility therefor. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.
The information contained herein has been compiled from sources deemed reliable and it is accurate to the best of our knowledge and belief. However, SGL, Duell, and Duell Wealth Preservation cannot guarantee its accuracy, completeness, and validity and cannot be held liable for any errors or omissions. Changes are periodically made to this web site and may be made at any time.
All information contained herein should be independently verified and confirmed. SGL Financial, LLC, Gary R. Duell, and Duell Wealth Preservation do not accept any liability for any loss or damage whatsoever caused in reliance upon such information.
Again, readers are advised that the material contained herein should be used solely for informational purposes.
Past performance may not be indicative of future results. Therefore, no current or prospective client should assume that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended or undertaken by Duell Wealth Preservation made reference to directly or indirectly by Duell Wealth Preservation in its web site, or indirectly via a link to an unaffiliated third party web site will be profitable or equal the corresponding indicated performance level(s). Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or profitable for a client or prospective client’s investment portfolio. Historical performance results for investment indices and/or categories generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the payment of which would have the effect of decreasing historical performance results.
As stated above, different types of investments involve varying degrees of risk, and therefore there can be no assurance that the future performance of any specific investment or investment strategy will be profitable. Certain portions of Duell Wealth Preservation’s website (i.e. newsletters, articles, commentaries, etc.) may contain a discussion of, and/or provide access to, various positions and/or recommendations made by Duell Wealth Preservation and/or those of other investment and non-investment professionals as of a specific date. Due to various factors, including changing market conditions, such discussions and/or positions may no longer be reflective of current position(s) and/ or recommendation(s). Moreover, no client or prospective client should assume that any such discussion or information presented serves as the receipt of, or a substitute for, personalized advice from SGL, Duell, Duell Wealth Preservation, or from any other investment professional. SGL, Duell, and Duell Wealth Preservation are not a law firms or accounting firms, and no portion of the web site content should be interpreted as legal, accounting or tax advice.
Duell Wealth Preservation throughout this website has provided links to various other websites. While we believe this information to be current and valuable to its clients, we provide these links on a strictly informational basis only and cannot be held liable for the accuracy, time sensitive nature, or viability of any information shown on these sites.
SGL FINANCIAL, LLC IS AN SEC REGISTERED INVESTMENT ADVISER. GARY R. DUELL IS A STATE REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED IS FOR EDUCATIONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE IMPLEMENTING ANY STRATEGY DISCUSSED HEREIN.
Gary Duell interviewed by Investopedia
Your situation is too important and too complex to be relying on potentially incorrect advice from strangers on the web. Having said that, here are some suggestions:
1. Divorce. Check out the divorce mediation services available in your county. Here's a good source: https://www.justia.com/lawyers/divorce/california/los-angeles/legal-aid-and-pro-bono-services This is too important to DIY.
2. Roth contributions. Like virtually everything that comes after the phrase "I have heard that . . ." what you have heard in incorrect. Your AGI is well below the threshold above which your ability to make Roth conversion is phased out ($120,000 if filing singly in 2018). It would make no sense to file separately which would prevent Roth contributions. It's impossible to advise you whether you should contribute to a Roth or the 401(k) or some combination thereof without more information. Will your tax bracket be higher or lower when you retire? What are your balances? When do you plan to take Social Security?
3. Home purchase. At your income level your home purchase seems very risky. You don't say how much income your mother has nor how dependent upon it you would be to qualify for, and continue to pay, a mortage of that size. If you are dependent on your mother's income, what if she dies? It's unlikely her income would continue & you could risk losing the home.
It would be well worth the time and cost to consult with an hourly fee fiduciary planner licensed in your state. Check out their record first at https://brokercheck.finra.org Advisers affiliated with a broker-dealer are not fiduciaries.
It's impossible to appropriately answer your question without more information:
1. Your current tax bracket
2. Your age
3. Your expected retirement date
4. Your expected tax bracket(s), state and federal, on that date
5. Your marital status, spouse's age
6. If married, both your incomes, retirement contributions and balances.
Since these are tax-advantaged contributions and accounts, wouldn't the highest priority be to figure out which options provide the best tax benefits? Despite the fact that we're in some of the lowest tax brackets in history, and, that tax rates will have to go way up in 2026 what if you retire into a lower tax bracket than you're in now? You will have permanently taxed your retirement savings at a higher rate than you would have paid in retirement.
It would be well worth your while to hire an hourly fee planner to test different scenarios for you using software like RightCapital or RetirementAnalyzer. I suspect the recommended strategy will be a combination of pre-tax and after-tax contributions along with a brokerage account. Your questions cannot be answered yes or no!
If anyone provides a solution to you that they claim will earn you 10%/yr/ in the next three years then it is probably totally inappriopriate, for someone of your means, if not completely fraudulent. Your best investment right now would to be to dipsense with these free advice forums and hire a flat or hourly fee fiduciary advisor to develop a cash flow and tax plan for you.
Once you reach full retirement age there is no reduction in Social Security benefits because of earned income. However, there is a tax trap. Your earning level may increase the percentage of Social Security benefits subject to tax. Adding insult to injury, whether you need the money or not, you may have to start taking required minimum distributions (RMDs) from your retirement savings (unless you have your own employer qualified plan, like a 401(k) or 457) , which would add to provisional income.
Provisional income is adjusted gross income plus tax-free interest plus half your Social Security benenfits. That sum determines how much of your Social Security is taxable:
Here is the most succinct discussion of those income levels and resulting benefits taxation:
You may want to do strategtic Roth IRa conversions (up to your current tax bracket limit) between now and 2025 in this historically low tax environment. You might also consider rolling some of your retirement funds into a QLAC (qualified longevity annuity contract) to delay RMDs on that portion of your retirement funds until 85. The limits are quite low: The lesser of $130,000 or 25% of your retirement account balances (as of the end of the previous year).
Congratulations on this windfall! Let's see if we can keep you from losing it, beginning with an awareness of the psychology behind inherited wealth. A large number of folks who inherit, win lotteries or receive other unexpected sums of money often subconsciously feel they havn't earned it and hence don't deserve it. Most lottery winners are broke after 5 years. Here are some steps to take to be sure you don't fall victim to that tendency.
1. Don't do anything yet! Keep the cash in your bank for a while until its reality sinks in. Make no large discretionary purchases or investments. We are on the precipice of a major market correction. And once that occurs, cash will be king. That's because there will be many buying opportunities at depressed prices and less wealth to compete with. Even though this inheritance is a gift it would be disheartening to lose half of it in a brokerage account, no? And to the contrary, so-called "management" fees can be substantial over time.
2. Figure out your budget, in detail. If you don't track your expenses and income (aka cash flow) automatically online, a great way to do this manually is to make an entry into your check register whenver you spend any money, even if it's a dollar. Do this for a month. This heightened awareness of your financial behavior alone is often enough to change your spending habits without having to exercise any discipline. For example if you discover you're spending $400/mo. on fancy coffee drinks before, during and after work you may decide there are higher priorities for $400/mo.
3. Consult with your tax person immediately to see if there are any steps you can take this year to avoid current or future tax. For example, if you qualify, you may want to max. out Roth IRA contributions for 2018 & then for 2019 after 1/1/2019. If you qualify, you should also max. out HSA contributions.
4. If you have any high interest debt (defined as debt with an interest rate exceeding 4%) then you probably should pay it off. A notable exception is if you have education loans that may be forgiven due to the type or location of your profession.
5. Meet with an hourly fee fiduciary adviser to develop short and long term plans. Be sure you first check them out on your state's financial regulator's website as well as at https://brokercheck.finra.org/ If they are also licensed to sell investments and other financial products, that's good! That means they are probably up to speed on the latest options. Just be sure you ask for full disclosure of all conflicts of interest and compensation.