Glenn J. Downing

Personal Finance, Retirement, Lifestage Based Planning
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“I am a financial planner who actually specializes in financial planning!”
Firm:

Camerondowning, LLC

Job Title:

Financial Planner

Biography:

Glenn J. Downing is a co-founder and principal of CameronDowning. In addition to his personal financial planning practice and CFP® instruction, he is a Board Member and past President of the Financial Planning Association of Miami and member of the Estate Planning Council.  

Glenn has been a CERTIFIED FINANCIAL PLANNER™ practitioner since 2006. An experienced CFP® instructor, has been involved in teaching the certification curriculum since 2006. He has taken seven cohorts through all seven modules of the Ken Zahn certification curriculum.  In 2018 he transitioned to teaching the 4-day Live Review to those ready to sit the CFP® exam.

In February of 2010 Glenn was honored by being invited to become a Board member of the Miami-Dade Citizens’ Independent Transportation Trust, representing the voters of Commission District 11.  This Trust was established by legislation in 2002 when Miami-Dade voters increased their sales tax by ½ penny to fund transportation infrastructure improvements, and which oversees all disbursements from that revenue.  The signature projects partially funded by surtax dollars to date are the completion of the Orange Line Airport extension of Metrorail, a replacement order for all new Metrorail cars, and the replacement of the bus fleet.  In 2017 he was elected to Chair the Trust, and remains active in transportation issues in Miami.

Glenn grew up in Connecticut, and received his MBA from UCONN in 1984 with a finance concentration. He has been working in the financial services industry since moving to Florida in 1997.

 

Education:

MBA, Finance, University of Connecticut

Assets Under Management:

$10 million

CRD Number:

3085082

Insurance License:

#Florida life license

All Answers
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    Retirement, Investing, Insurance, Life Insurance
Should we keep paying the premiums for a whole life insurance policy and let the cash value grow until year 10, or do we get out now and invest the difference and hope to recoup the losses?
100% of people found this answer helpful

Personally, I like to see my clients buy insurance for insurance, and investments for investments. 

If you look at your policy from a stricly investment point of view, at this time you have a loss.  After the policy has been in force for years and years you may have an IRR on your cash approaching 5%.  But if you look at this as strictly insurance, and the policy paid out (meaning the insured died) the IRR would be huge.  

To answer your question:  As with any insurance policy, you are paying for coverage.  When your auto policy renews after 6 months, you don't look at the money spent as lost, do you?  No - you paid for needed insurance.  That's the issue here.  The question becomes "Do I have the right insurance for my cirumstances?"  If you are maxing out your retirement plans and looking for another opportunity for tax-deferred growth, and have an insurance need, this is a good choice.  If not, and you have no health issues, I would consider replacing this policy with term insurance and investing into your retirement through IRAs work employer-sponsored plans.  

2 weeks ago
    Pensions, Social Security, Taxes, Income Tax
How do taxes work on retirement income for someone who is retired?
100% of people found this answer helpful
2 weeks ago
    Real Estate, Taxes
What are the tax implications for the change in value of my home?
0% of people found this answer helpful
March 2017
    Retirement, Social Security
How much can I work in retirement without impacting my Social Security benefits?
2 weeks ago