Mitlin Financial Inc.
As Mitlin Financial’s president and lead wealth manager, Larry Sprung drives planning and asset management services, as well as business development, for the firm.
Larry entered the financial industry in 1996, and continues to be inspired and energized by the challenge of helping his clients achieve and even surpass their financial goals.
Larry earned a Bachelor’s Degree in Mathematics from Binghamton University. He holds the Certified Financial Planner™ designation, reflecting expertise across a broad range of planning topics.
He started his career at a small boutique, and later served as a Financial Consultant at Salomon Smith Barney and a Vice President at Bank of America Investments. He founded Mitlin Financial in 2004, incorporating in the business the best features and practices from his previous firms.
Today, Larry is proud to be serving the second and third generations of his clients. He has seen first-hand how strong financial habits, instilled in parents, children and grandchildren, can impact a family’s wealth and wealth stewardship for generations.
Larry is known as a devoted educator. His efforts include not just regular client meetings but also workshops on diverse financial topics. He is also a frequent speaker at industry conferences.
An active volunteer, Larry serves on the National Board of the American Foundation for Suicide Prevention, and sits on its Financial and Investment committees. With his wife, Denise, he has raised more than $700,000 for the organization through the Keith Milano Memorial Fund. The fund was created at AFSP in memory of Larry and Denise’s brother-in-law and brother, respectively.
Larry has been recognized as one of Long Island Business News' "40 Under 40*," and was subsequently chosen, in 2009, as Valedictorian of the "40 Under 40*" Class of 2006. His commentary is regularly featured in publications such as Long Island Business News, U.S. News & World Reports, Newsday and RT Digital Magazine, serving the author community.
A Smithtown resident, Larry is an avid New York Rangers fan, and gets on the ice himself whenever he can. He and Denise travel frequently to watch their two sons play hockey in traveling leagues.
BS, Mathematics, Binghamton University
Assets Under Management:
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Lawrence Sprung, CFP® profiled on Advisor Insights via Investopedia
Mitlin Minute: Get Your Financial House In Order
Mitlin Minute: Beneficiary Designation Review
Congratulations on making it to retirement! We hope you are positioned well enough to love your retirement years.
This question is an excellent one that may present you with a good opportunity to take advantage of certain strategies you would not ordinarilly be in a position to use.
I would preface this answer by saying, it is very important that you consult with your or find a fiduciary advisor to guide you. This advisor will also need to coordinate efforts with your tax advisor. Decisions like these should be made hand in hand with these two members of your financial team.
You may be able to utilize some of the following strategies:
1) Capture capital gains in positions with low basis
2) Converting IRA assets to a Roth IRA
3) Removing assets from assets that would produce ordinary income tax
These are the top three strategic moves you may want to consider. I would make sure that you consult with your team and find out what will be the best strategies for you.
Best of luck as you enter this next stage of your life and enjoy.
This is a great question and one you have a couple options with which to decide.
Your main two options would be to cash out the IRA (but I am not sure why you would do that) or maintain it and let the account grow.
In your question we are missing information like how old are you, are you currently married, when you are looking to retire, and how the funds are currently invested.
Cashing in the IRA completely would incur a tax liability. Depending on your age the tax on the withdrawal could be simply ordinary income tax (if you are over 59 1/2) or ordinary income tax plus a 10% penalty (if you are under 59 1/2). This may or may not be a great idea and I would suggest you speak with your CPA about whether this option would even make sense for you based upon your individual facts and ircumstances.
You can also maintain the IRA and continue to let the account grow. I would suggest, if you do not watch or understand how the investments in your IRA work, consulting with a fiduciary advisor to see if you should make changes to how your assets are invested. Although you are not actively contributing you could invest the funds the same or differently over time so they are in line with yur goals and objectives without cashing in the IRA.
As a stay at home mom (which you say you quit your job, but this is one of the hardest jobs out there), you may still be able to contribute to an IRA based upon your spouses income if you are married. This may be something else to speak with your advisory team about as you may be able to add funds even though you are not receiving employment income.
Best of luck in this process!
This a question that may be missing some information. Typically a large prinicple payment to a mortgage would not reduce the payments fgoing forward only shorten the life of the loan.
Before you even consider these options, I would contact your mortgage lender and confirm that this payment would in fact lower the payments. This is not a common occurence.
In addition, it would be important to know the mortgage interest rate.
I would consider asking this question again with some additional fact to help those answering guide you or find your self a fiduciary advisor like me to help guide you through this decision making process, where you will need to provide additional information.
Some of the important factors are:
1) Current interest rate of the loan
2) How long do you have left on th eloan
3) Will the loan payments actually be reduced by a large principle payment.
4) What tax bracket are you in? This will help determine if a tax free fund is even something to consider or if you would be better of with a taxable bond investment.
Best of luck in this process.
Congratulations on obtaining the new job, hopefully it was quick and smooth transition.
You will not want to rollover or distribute your old 401(k) into your investment account as this would be a taxable event for which you would be responsible for paying taxes plus a 10% early withdrawal penalty (I am assuming you are under 59 1/2 years of age and the investment account is not an IRA).
You do have a couple of options though. You could review the options being offered in the new companies 401(k) plan and roll the assets over into that plan if it makes sense. This would consolidate assets and may work well. You have to be happy with the structure of the new plan, the costs and the investment lineup being offered.
Another option would be to open an IRA and perfrom a direct rollover. I would imagine you could open the IRA with the same firm you have the investment account with and simply invest this new account in the same manor. This would place the funds in the same firm, same strategy and would not incur a taxable event.
The last thing to consider would be opening a Roth IRA and rolling the assest into this account. You would have to pay taxes on the distribution, but depending on your income for the year it may make sense. The key here would be to know how long you were out of work for and what your income would look like to see if this made sense. You could go ahead and open this account as well with the same provider as your investment account and invest it in the same manor too.
This is a complicated question and one yo should not decide on lightly, especially if the 401(k) is of size. I highly recommned you consult with a fiduciary advisor, your tax professinal and other members of your financial team prior to making a decision.
Best of luck in working through this and with the new job!
Congratulations on your recent birthday!
This is something that comes up more often than you think. I have not personally assisted anyone through this process, but I would review this resource from the Pension Benefit Guaranty Corp.:https://www.pbgc.gov/documents/finding-a-lost-pension.pdf
This is an organization designed to protect pension benefits. The guide seems like it lays out the steps that you would need to go through in order to try and locate this pension.
Best of luck in navigating and finding the monies you may be entitled to!