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.
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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
Always spend less than you make.
Lease vs Buy calculators are all over the Internet. Which is "the best option" depends entirely on the terms of each option and your car behavior.
Regarding the latter:
- Aside from this last lease, do you view cars as nothing more than transportation, usually keeping your cars forever and driving them into the ground? If so, I would buy a dependable highly rated used car with cash.
- Do you love style, power, gizmos, and all that? Wow, I wish you didn't. But a lease may be your best bet, especially for a lesser known model that still meets your preferences. Lease terms these days usually result in a payment that is less than the depreciation and maintenance you would lose by buying a new car with cash.
- Are you an electric car devotee (like yours truly) for whatever reason (quiet ride, astonishing power, cheap fuel, saving the planet)? Will your driving habits handle the limited range? Until the technology stalls, I will only lease electric cars for both the reasons in #2, but also because the technology keeps improving and the costs keep coming down. Why would I want to get stuck with an expensive antique?
As long as you're good with the fact that cars are money-pits, use a lease vs. buy calculator to compare your options if you need to finance.
Please excuse my skepticism but I just don't think it is possible to live on $825/mo. Health insurance alone would be more than half that. Then there are utilities, condo dues, all the other insurances, food, healthcare out of pocket costs, fuel & maintenance if you have a car.
But to answer your question, you should absolutely not pay off your mortgage with your 401(k). You are solidly in the new 12% tax bracket as long as you don't have income exceeding $50,700 ($38,700 + the new std deduction of $12,000). Because of the $12,000 standard deduction, your mortgage interest no longer has federal tax benefits. But since your current cash flow allegedly gives you about $1126 in disposable income ($3000-1650- 224 in taxes) you would have the option of quickly accelerating your mortgage payments when you can afford to, or just paying the current payment when you can't.
As other advisers have pointed out, you would have to liquidate a lot more than $85k of your 401(k) to net $85k, close to $111k unless you have State income tax in which case you would have to withdraw even more. It would make more sense to do Roth conversions up to the $50,700 tax bracket limit between now and your age 70 . . . and beyond.
This way you have three great- and huge -inflation hedges to look forward to:
1. Your maximized Social Security kicking in at age 70, and,
2. The end of your mortgage payments.
3. The lower required distributions, due to Roth conversions, from your 401(k) at age 70.5.
[Big sigh] The annuity debate seems as emotionally charged- and unreconcilable -as abortion. Unfortunately, about all the public gets to see is the hysteria, and there is plenty of it. But to answer your question up front, yes, rolling over your 401(k) to an annuity inside of an IRA could be a great idea. Why is it, then, you have a famous Wall Street Journal columnist like Ken Fisher saying on public TV that he would rather die and go to hell than sell an annuity? How about we look at and address some of the supposed negatives, including Ken Fisher's statement?
1. Annuities pay "huge" commissions to the agents who sell them. Well, I guess if you're going to make all your purchasing decisions on how much the seller will profit from you then you're not going to be buying any jewelry, cars, houses, retaurant food or booze, medications, healthcare . . . need I go on? All of these things have huge markups, up to 100% or more on jewelry for example. How "huge" are those annuity commissions? They range from zero to 8% first year. So, over a 10 year period, the annuity will usually pay less in commission than a money manager charging 1%/yr. will make. Could that be the reason behind Wall Street's aversion to them? The point is, do they provide benefits that one cannot otherwise receive? Yes, they do, as we shall see.
2. They have "huge" fees. Again, "huge" is relative. As with any major financial decision, the question is, is the benefit worth the cost?
3. The huge fees are charged for tax deferral, which you get inside of an IRA anyway. That is just outright false. Annuity tax deferral is free, granted by IRS. Fixed annuity fees are charged for optional riders, such as lifetime income guarantees, death benefit enhancements, long term care benefits & market hedging.
4. You'll get "locked in" to a lower rate. That could be true of MYGAs (multiyear guarantee annuties). But you wouldn't buy one in the first place unless the interest rate was very attractive. For example, you can get a 5-yr. MYGA that pays 3.1%. Compare that with 5 yr. CDs.
5. The guarantees are only as good as the annuity company. Partly true. Because they are risk tranfer contracts (the company guarantees both your principal and the contractual terms) annuities are insurance products and therefore State regulated. As a result, they are insured up to $250,000 per contract owner by the state guaranty fund. So even if a state insurance department is careless and allows a shaky annuity company to operate within in its borders, the guaranty fund will back up that company's contracts if it becomes insolvent.
6. If annuities are so great, why don't rich people use them. Well, they do. http://www.marketwatch.com/story/why-the-1-loves-annuities-2015-03-23 As to Warren Buffet et al, he doesn't have any concern about principal protection or guaranteed income. The average retiree does.
7. If it's an equity indexed annuity, just don't do it. Really? If you understand the actuarial science behind them- and look at historical returns -there is little else out there that gives you principal protection, a guaranteed minimum interest rate, and the ability to participate in market gains, all while being able to count on lifetime cash flow.
So here are the positive reasons why at least some of your retirement money belongs in an annuity IRA:
1. It can provide an income floor to insure that you can meet your budget for the rest of your life. Once you have that established then you can aggressively invest (if you have the stomach for it) the rest of your IRA.
2. It can protect your principal against the coming market correction without being totally illiquid. Most contracts allow 5-10% liquidity without penalty each year. Most are also 100% liquid after 10 years, upon death, terminal illness or nursing home confinement.
3. It can give you extra cash in case you need long term care
Don't base any investment decision on anything less than the evidence. Set the hysteria aside. Wade Pfau of retirementresearcher.com recommends a 50/50 split between annuities and market-based investments because his research has shown that combination delivers the best odds of retirement success. Which is defined as not outliving one's assets.
"mostly due to the Obamaare 3.8% surtax"? Wow, you must have very high income. Roughly, if your subject income were $50,000 month (yes, per month, not annually) then your Medicare surtax would be $600k - $200k (the income threshold for single filer) x 0.038 = $15,200. I wouldn't qualify that as "big".
"Repeal and replace" just failed and will continue to fail because it was crafted by evidence-free, non-fiduciaries (aka the GOP Congress) who appear to have no interest whatsoever in fixing our expensive (highest per capita cost in the world) ineffective (we don't even rank in the top two dozen in quality of health) health "care" system. Surely it is worth 3.8% to be sure folks who make a tenth of what you do don't go bankrupt, become chronically ill or dead because they can't afford proper diagnosis and treatment.
You may not like this candid answer but we must do something to pull ourselves out of this lousy global ranking. We're behind Slovenia! Single payer universal healthcare has been proven over and over to be the most efficient and effective means of delivering healthcare. No need to reinvent the wheel.