Silber Bennett Financial
Rebecca Dawson is an experienced, independent financial advisor offering personalized wealth and investment management guidance to a select group of individuals, families, and businesses in Southern California and around the country. Her mission is to be a trusted advisor to her clients by partnering with them to identify what is most important in their financial lives while providing tailored solutions to help achieve their goals.
For over 20 years, Rebecca has served as a financial advisor. She has developed highly refined methods for evaluating client's needs and formulating successful investment strategies. She and her staff provide an exceptional level of service to her clients, who are typically worth well in excess of $1 million and include some of the most prominent people in the United States.
Before joining Silber Bennett, Rebecca managed her own independent brokerage office since 1999. Prior to that she held similar positions with PaineWebber, Merrill Lynch, and Alex.Brown & Sons.
Her clientele have included corporate presidents, and officers, charitable foundations, pension funds, business owners, and wealthy retirees. Her affiliation with Silber Bennett Financial provides her clients with full service wealth strategies.
BA, Liberal Arts, University of Texas at Austin
SECURITIES AND ADVISORY SERVICES OFFERED THROUGH SILBER BENNETT FINANCIAL, INC.
DOI: CA 0H72697 | MEMBER: FINRA / SIPC
Why Choose Rebecca Dawson
Rebecca Dawson on To The Point
You could set up a living trust for your Mother which would allow for transfer of assets upon death to inheritors free of probate. Probate is the legal process that inventories and distributes a person's property after death, and can be time consuming and expensive.
Or you could leave the money in her name and keep bank accounts out of probate by setting up payable-on-death accounts, which give the recipient immediate access to the money.
I would think at this age and depending on your local real estate market that renting may be a better option since that would allow for more flexibility. And also would be more cost effective for maintenance purposes.
Investing the $200,000 in some income producing investments in order to receive monthly income for your Mother. Of course, I would recommend all investment grade type securities and diversifying within different sectors.
You have six months of contributions available to an existing 401(k) so in order to properly answer your question I would need to know more information about your personal financial situation, such as your income, tax situation, living expenses, etc. Although if your top priority is accumlating cash then yes you should stop contributing to your 401(k).
It would also depend on whether you are planning on reentering the workforce. And is the $1.4 million in traditional or Roth IRAs. There are quite a few variables to consider in this scenario. And how much are your currently contributing to your 401(k).
If you don't mind giving up or need the benefit that the 401(k) offers then yes stop contributing and build up your cash.
You should prioritize your 403(b) plan and especially so if your employer offers a match, because it offers tax breaks for retirement planning. They are also simple to fund as deductions can be taken directly from your paycheck.
The following is a guideline for prioritizing which accounts to use:
- Contribute the minimum to get your employer’s full match on your 403(b).This represents a return of up to 100% on your investment.
- An IRA: The limit is $5,500 if under 50 years of age ($6,500 if 50 years of age and older).
- Back to your 403(b). If you wish to save more, max out your 403(b) contribution beyond your employer’s match. The maximum is $18,000 if under 50 years of age ($24,000 if over 50 years of age). Employees who have worked for the same nonprofit for 15 years may also have access to an additional “catch up provision” of $3,000 per year for up to five years, if they contributed an average of less than $5,000 per year previously.
- Invest any additional retirement savings in regular taxable accounts.
Without having more of your personal financial information it would be difficult to advise in any detail. Saving for a down payment should take priority over marriage expenses since they are one in the same.
It can be overwhelming with all the different choices investors have today in finding the right Financial Advisor. Having been a Financial Advisor for over 30 years things have evolved and it can be confusing to discern one advisor from another.
Bottom line trust is something you have to earn. Finding an advisor you trust comes initially with whether you feel heard and understood. Does the advisor have the experience to back up their track record and credentials. Interviewing several different advisors and perhaps getting some referrals from friends or family would be a good start.
Also, most advisors will give you a complementary consultation in order for you to get a better feel of how they work. And then only if they are able to articulate to you what you can expect in their services including projected performance and all fees that will charged.
There is nothing wrong with leaving your IRA or other retirement type accounts in cash until you are ready to make any investment choices. Especially if it is only six months until you are ready to make those decisions. It is difficult to find any kind of investments for that short of a time frame with transaction costs and current interest rates.
There are plenty of liquid investments that may be available but keep in mind that most investments will have fees, commissions or other transaction costs then you will also be subject to the market price of the security at that time.