NBC Securities, Inc
Armand Atkinson has more than eleven years of professional investment management experience. He holds a Master’s of Science Degree in Personal Financial Planning. He also holds the CIMA designation through the Wharton School at the University of Pennsylvania and the CFP designation among other industry recognized designations.
Armand applies investment and wealth planning strategies to provide comprehensive solutions for business owners, families, and individuals. He believes in a systematic approach to money management and the importance of having a detailed process that is based on a foundation of intellectual rigor and discipline.
Armand serves as a 403(b)/457 advisor for Pinellas Country Schools, Manatee County Schools, St. Petersburg College and the State College of Florida. Armand is licensed to conduct business in CO, FL, LA, MD, MA, NC, OH and TN. He currently resides in St. Petersburg, Florida where he enjoys networking and community involvement.
BS, Economics, Eckerd College
MS, Personal Financial Planning, College for Financial Planning
Assets Under Management:
Securities and Advisory services offered through NBC Securities, Inc. Member FINRA/SIPC.
My understanding regarding Roth Conversions is that taxes are generally due by April 15th of the following year. Only folks who are already making quarterly estimated payments are required to make quarterly payments for the Roth Conversion. I would point you towards the below Roth IRA Guide on Fidelity's website.
Assuming you have an adequate level of cash reserves (emergency fund) in place, I would advise you to establish a non-qualified investment account with a bank or a brokerage firm and contribute excess monthly cash flow systematically into this new account. I would research and identify one or two growth oriented mutual funds that have: 1. An experienced Management Team 2. A good track record of matching or beating their respective benchmark/index and 3. A relatively low management cost. For actively managed funds I generally want to see costs below 1% annually.
If you currently work with an advisor, I would advise you to contact him/her and he/she should be able to assist you in setting up an account.
This is a great question. Firstly, if your wife has no full-time employees, then yes, she would qualify for to establish a solo or individual 401(k) plan. As the name suggests, these types of plans are intended for employers with one (owner) employee and their spouses if employed by the company. They have the same rules and requirements as a larger multi participant 401(k) plan.
Your wife would also qualify to establish a SEP IRA. Unlike the solo 401(k) plan, if your wife’s company has other employees, they may also be eligible to contribute if they meet certain eligibility requirements (e.g. 21 or older and earn at least $600 annually, and been with the employer at least 3 out of the past 5 years). Please note that there are specific guidelines regarding the employer and employee contribution limits.
My understanding is that under both a 401(k) plan and a SEP IRA plan, all contributions must be made from the employing company or by the participant via salary deferrals earned at the particular employer.