MyLife Financial, LLC
Founder & CEO
Angel Melgoza is a Certified Financial Planner™ located in Edinburg, TX. Since becoming the first generation college graduate in his family, Angel has become passionate about life planning and helping others achieve their life goals via financial planning.
Angel is originally from the Rio Grande Valley and went on to receive his Masters in Personal Financial Planning from Texas Tech University in 2011. His interest in charitable giving led him to be the first recipient of a Graduate Certificate in Charitable Financial Planning from Texas Tech University.
Angel is the Founder and CEO of MyLife Financial, an Independent Registered Investment Advisory firm located in Edinburg, Texas serving clients virtually throughout the state. He created MyLife Financial to help fill a need in the financial services industry. The need for non-traditional wealth management clients to have access to a financial professional and receive unbiased advice. Traditionally, financial planning revolved around retirement and investments but there is so much more to life than work, save, and retire.
Angel believes everyone has their own set of personal & financial circumstances that may be keeping them from making important decisions in their lives. So whether you are looking to change careers, save for retirement vs. paying down your student loans, or deciding to retire in the next couple of years, Angel wants to help you piece it all together. He has served on the Board of Directors for the Financial Planning Association San Antonio & South Texas Chapter and its Membership /Pro Bono Committees.
In his spare time, Angel enjoys spending time with his wife, Valerie, and their two Cocker Spaniels, Charlie & Sammy. He loves going on nature trail walks, exercising, reading, and learning about ways he can enhance the financial planning profession.
Masters of Personal Financial Planning, Texas Tech University
Assets Under Management
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From a social security strategey standpoint, if you do not take your benefits until age 66 and 4 months, it will be higher than it would be if you took them as early as 62. Social Security takes the average of the highest paid 35 years of your working career. So if you will be earning significantly less than you have in the past, it may affect your benefit marginally considering the amount of years your will be working for a lower salary before you take social security.
From a life planning standpoint, if your main motivator is health issues and the flexibility for a work around schedule, taking this position sounds like a no brainer. Typically at the tail end of your career, quality of life trumps a higher paying job. If planning for retirement was only about maximizing the amount of money you can get from working, then we're better off working more than 40 hours a week with no days off and no regard for anything else.
In regards to your supplement, you can recieve it even if you do not apply for social security (here is the explanation: http://www.federalretirement.net/fers_social_security.htm#Special_Retirement_Supplement_).
If you would like more concrete answers, I would highly recommend seeing a financial planner that can help you with a retirement plan that has knowledge of FERS and Social Security Optimization.
First of, I'll disclose that I'm not an attoney and would recommend you see a divorce attorney for specifics on filing for a divorce. This is the first step to receiving a Qualified Domestic Relations Order (QDRO). A QDRO must be submitted to your ex-spouse's 401(k) plan administrator so that you can recieve some benefit. I believe in Texas, there is a formula that plan administrators use to give an ex-spouse a part of the 401(k) benefit; I believe it is based on the earnings from the time you were married to the time you're divorced.
My wife has been a teacher for five years here in Texas and I've been asked a few of these questions. First, let me say that if you are a natural born teacher, you'll do great.
As for the WEP which affects your benefits, if you have 30 plus years of paying into social security, you'll be exempted. So being at a school district that pays both, would help with this.
In regards to the GOP which affects your spousal and widow benefits, as long as you're paying into social security the last five years before retiring from teaching, you'll be fine. So at the very least, be working at a school district that pays into social security your last five years.
The 457 is a supplemental retirement plan and in no way affects WEP or GOP. I would suggest that if you decide to go into teaching, whether you pay into social security or not, open a 403(b) with a mutual fund platform. Stay away from annuities. They come with hefty fees that ultimately affect the bottom line of your investment returns.
By choosing not to enroll in Part D you may incur a late penalty if you decide to enroll later. Click here to learn more. If you choose to go that route and enroll later, you may be able to avoid the penalty if you had 63 days of creditable coverage. Click here to learn more about how to avoid the penalty. The penalty is 1% a month of the national base premium for each month without coverage which is pretty steep.
First, congratulations on being prudent enough to start saving. Not a lot of people our age have really gotten into the groove of thinking about their future. Betterment is great for the DIY investor. It's algorythm is meant to keep your investment portfolio at a certain allocation depending on what your goal is and it's time horizon. I personally would prefer a risk based questionnaire, but every platform is different.
If you've already maxed out your 401(k) contribution ($18,000 in 2017) then you could definitely benefit from in person advice. An advisor can help you with asset location, back door Roth contributions, and really just figuring out what to do with your discretionary income. While being frugal is a good trait to have, balancing life goals and financial goals will keep you consistently saving in the long run.