Hilary Hendershott Wealth Management, LLC
Financial Advisor in San Jose, CA - CEO
After nearly 15 years in the financial services industry, Hilary Hendershott knew there was a gap in the marketplace- hundreds of thousands of women eager to be making wise investment decisions and a male-dominated financial industry that simply wasn’t meeting their needs.
Hilary believes that women need a female financial planner who speaks their language to empower them to make smart, safe, and proactive financial moves. Thus, Hilary Hendershott Wealth Management, one of the first and only female focused Registered Investment Advisory firms in the country, was born.
Hilary is a female financial advisor who serves women who have $500,000 or more in investable assets. Hilary provides her special version of the top tier wealth management services evolved investors expect, delivered in ways that feel more like a relaxing day at the spa than a tedious meeting with the accountant.
Hilary's clients and students are her top priority. She works with her clients in ways that work for them. For each course offering, Hilary present the material in multiple formats, so her clients have the tools she offers in the ways they can best use them. She makes use of technology, so her and her clients can work together across time zones and geographies.
Hilary uses plain language, true stories, and the best of everything she has access to through her training, her relationships, and her “got your back” know how to help her clients transform their financial reality into the life of their dreams—the life that matches who they are…the life they most want.
Hilary is also the host of Profit Boss Radio, THE podcast for women and money.
Profit Boss Radio highlights powerful, wealthy women who have created success on their own terms. During these frank conversations, we pull back the curtain and reveal how some of the wealthiest women really think and feel about their money.
Hilary Hendershott is a financial advisor serving the San Francisco Bay Area including San Jose, San Francisco, Mountain View, Sunnyvale, Santa Clara, Morgan Hill, Los Gatos, Monte Sereno, Saratoga, Santa Clara, Palo Alto, Redwood City, Oakland, Berkeley, San Rafael and Marin
BS, Economics, Santa Clara University
MBA, Finance, Santa Clara University
When you purchase a home, if you have 20% equity (down payment), you can avoid PMI.
If you are seeking to eliminate existing PMI, I suggest you contact your mortgage provider for their requirements. Most allow you to eliminate PMI when you have 20% equity in the house based on the original appraisal. Some allow new appraisals in order to show that you now have 20% equity based on appreciation of the value of the house due to market growth or remodel of the home. Some mortgage companies have a minimum, like 24 months, that you must pay PMI if it is on the original loan.
If you are trying to eliminate PMI, you must be your own advocate. Contact your mortgage company, ask for the elimination in writing, follow up in a timely manner. Your reward will be a monthly savings!
VA loans don't have PMI.
I hope that helps!
No, don't put into the traditional IRA if you don't get a deduction. You would want to discuss with your tax advisor options like contributing to a Roth IRA, SEP IRA, Simple 401(k) or possibly an HSA. Everyone's situations are unique in terms of eligibility, but any of these options tend to be better than a taxable savings account.
Hi there. The only reason to purchase whole life is if you intend to die with the policy in place. Some very wealthy people purchase whole life to fund estate tax liquidity, but that would mean as a single person that you had an estate over the current estate tax exmption amount which in 2018 is $11,000,000.
Typically, I only recommend term life for parents because it's far cheaper and you really only need to insure your children against the accidental loss of your life/income until they are grown and on their own.
Most insurance agents will try to sell the whole life policy as a tax-saving, wealth-producing tool, but the numbers just don't pan out. I did an entire episode of my podcast, Profit Boss® Radio on life insurance if you'd like to check it out here!
The income generation strategy you are referring to is called Capital Preservation. It is difficult, if not impossible, to answer your question because not all stock market investments are the same. Portfolio allocation (how much money you invest in the various types of stocks). For financial advisors, ensuring clients do not run out of money may be our most critical work. After all, the day you retire you are making a big bet that your money will outlive you! There's a lot riding on this bet, so don't go it alone.
In my client accounts I use low-cost, globally diversified portfolios that historically have sustained 4-5% payouts. Sometimes even 6%. At a 5% rate, you'd need $2.4M saved.
I believe the common wisdom for most other diversified portfolios is only 3% these days. At a 3% payout rate, you'd need $4M. So you can see, the portfolio matters.
It's also quite relevant what type of account you are talking about because of the tax treatment. If it's an after tax (brokerage, Joint Tenants or Community Property) account, income is subject to capital gains taxes and the amount of those is a function of the state you live in (federal tax would always be assessed but state taxes vary). If it's an IRA you pay ordinary income tax and if it's a Roth, there is zero tax.
Also, consider this: If the stock market falters in your first few years of retirement, you now have a problem based on "sequence-of-returns risk". Essentially, if you calculated that your nest egg can provide X dollars during retirement but then in a few years your nest egg is much smaller, well now its ability to pay is lower.
Obviously, getting this right and being able to accurately course correct is important. After all, the stock market goes up and the stock market goes down, but your mortgage payment probably doesn't!
I hope that helps.
Healthcare can be a huge financial burden for retirees who are under 65 without healthcare alternatives outside of purchasing it on their own. You're quite lucky that your current employer is willing to extend benefits to you at 20 hours per week of employment, most employers require a 30 hour minimum or full-time status to offer benefits like healthcare. With that being said, it's impossible to make a recommenation on continuing or discontinuing employment without knowing your full financial situation.
The Social Security administration will allow you to earn up to $16,920 per year before they start reducing your SSI payments. Also, because you are not yet at Full Retirement Age, your SSI benefits will already be reduced if you begin payments at age 62.
You do need to consider how much income you need to live on (with and without healthcare), how much income you can receive from working, your SSI reduced benefits and other income sources you have like retirement accounts and annuities in order to make an informed decision. I suggest consulting a financial advisor.
Best of luck!