FBB Capital Partners
Jaime Quiros enjoys working with clients through their unique planning issues and their investment needs. Jaime’s previous experience includes time working on Wall Street as a trader as well as time working in multiple other market capacities including market making, portfolio management, and private client lending.
Jaime provides wealth management, investment, and financial planning services to a select group of financially established private clients and institutions in the Washington DC area and nationwide. FBB has been helping clients grow and sustain wealth for more than 25 years.
Jaime's goal has been to provide his clients with a steady growth of capital and a predictable stream of income that will allow them to lead more financially secure lives. He achieves this goal by understanding each client’s situation and adjusting accordingly as circumstances and market environments change.
Jaime graduated from Boston College, where he was a walk-on pitcher for the school’s baseball team; he was an academic scholarship recipient and earned a Bachelor of Arts degree in economics. A former pro-baseball player, Jaime is originally from Panama, and presently resides in Rockville, MD with his growing family.
BA, Economics, Boston College
FBB Capital Partners, LLC (FBB) is a U.S. Securities and Exchange Commission (SEC) Registered Investment Advisor (RIA). FBB is in compliance with the current registration and/or notice filing requirements imposed upon SEC registered investment advisors by those states in which FBB maintains clients. FBB may only transact business in those states in which it is registered or qualifies for an exemption or exclusion from registration requirements. Further written disclosure information contained in SEC form ADV Part II, including registration status, fees, and services, is available upon written request.
This is not a simple answer. We need a little more info to better guide you. In seven years, what will you do for income if you use up your 401k? What age will you be? Will you have a pension? Will you rely on Social Security? I can see what you are trying to do. However, you should also know that all of the money in the 401k is going to be taxed as ordinary income and you may be subject to a higher tax bracket if you distribute the 401k as a lump sum. I would say to come up with a plan to pay down the outstanding bank loans and credit card debt in the next seven years while you have income. If you are able to pay that off, then pay down the mortgage so that at retirement you don't have these monthly expenses. Aside from that it is tough to say which debt you should pay off because there are other factors that play an important role.
Do not name the broker your beneficiary and please look for another broker.
Congratulations on your marriage!! In 2017, there are a couple of factors that you have to take into consideration with this question. One is that there is a max to an IRA and, two, that there is an income limit to be able to contribute to a Roth. First, the max amount you can contribute to a Roth IRA is $5500 ($6500 if you are over 50) as long as you have earned income in that amount. Because you are married, it doesn't mean that you can now use your wife's max amount and add it to yours. So, she would need to open her own Roth. If she is working, she can contribute $5500 ($6500 if over 50) of earned income. However, if she is not working, you can contribute to her Roth IRA a max of $5500 ($6500 if she is over 50), using your earned income. The second part of this is the income limit to contribute to a ROTH. Since on your taxes you are filing as married filing jointly, you have to make less than $196k to contribute to a ROTH. There is a phase-out calculation if you make between 186k-196k of income.
Best of luck on this new stage of your life!
Techinically, you can withdraw all of your funds in a lump sum. Do you mean lump sum to roll-it over to an IRA or to just withdraw the funds into a bank account. If it's the ladder, it is not recommended for tax purposes, and if you are under 59.5 for penalty purposes. I will also say that another disadvantage of taking out of the 401k is that you will also miss out on deffered growth. If you don't need the money because you can live off your pension then invest your Solo 401k accordingly and let it grow. If you meant that you wanted to roll-it over to a Traditional IRA, then that works in terms not getting taxed or penalized. Not sure how your Solo 401k is set up or through who, so tough to give pros and cons on that. However, you would have to understand your Solo 401k platform to see if it still fits your needs.
You can use your 401k to pay living expenses and report it as income. Keep in mind that if you are under 59.5 there may be a penalty. You may want to speak to an accountant to see if you qualify for a hardship withdrawal.