Michael Turner

Personal Finance, Retirement, Investing
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“Michael Turner is committed to helping clients address their most pressing financial questions.”
Firm:

Charlotte Wealth Group

Job Title:

Wealth Strategist

Biography:

Michael has over 30 years of experience, consisting of: Over a decade of entrepreneurial experience in start-up, acquisition and development of small businesses.  More than a decade of corporate management experience in Fortune 50 and Fortune 500 organizations, in operations and finance.

His MBA was earned at night school, providing the opportunity to place the theoretical into practice immediately.  The MBA was awarded from UT San Antonio, which is the first MBA program to be certified in its first year of eligibility.  He has testified in Federal court as an expert witness in a fraud trial in Dallas, TX.  He has been quoted in Idiot's Guide to Social Security, written up in the Wall Street Journal - November 28, 2014 - Using Insurance to Reduce a Couple's Taxes.

Michael has served on his HOA Board of Directors, has been Cub Scout and Boy Scout den leader and administration volunteer, and performs photography projects at his church.

Education:

MBA, University of Texas - San Antonio
BA, Geography, University of Delaware

Assets Under Management:

$10 million

Fee Structure:

fee based

CRD Number:

5395888

Insurance License:

#NC, SC

All Answers
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    401(k)
Can I make monthly withdrawals from my 401(k) account due to financial hardship?
67% of people found this answer helpful

There are a couple options the regulations may remove any penalty:

Regulation 72t allows someone make withdrawals from their 401k without a penalty.  There are rules that need to be followed including: you must have payments made to you over a term of not less than 5 years or until age 59 ½ (whichever is longer). See IRS Pub 590

There is a second exception:  If your funds are still at the company 401k where you were employed (not permitted for IRAs) and you left the company during or after the year in which you turned age 55, there is not penalty placed on the withdrawals.  See IRS Pub 575

The 72t requires payment for a specified period of time, whereby, the 'rule of 55' seems to have more flexibility.

One last comment.  When you buy a car, and find what you want at price and terms that satisfy you, does it matter how the person that sells you the car gets paid – salary or commission?  Of course it doesn't, so why should it matter when getting a financial solution.  Fee only advisors do NOT offer you a full spectrum of solutions.  Employ the adage – caveat emptor – buyer beware.  When challenged they will inform you that by not getting paid commission, they are looking out for your best interest.  Here's what is not said, being paid a commission can be tempting, I may not be able to resist that temptation, so I don't do business that requires me to control myself.  What other temptations are they not telling you about?

Investment advisory services offered through Virtue Capital Management, LLC (VCM), a SEC registered investment advisor.  VCM and Charlotte Wealth Group are independent of one another.

August 2018
    Financial Planning, Retirement, Retirement Savings, Investing, IRAs, Retirement Plans, Life Insurance
How should my wife and I begin saving for retirement at 51 years old?
67% of people found this answer helpful
June 2018
    Retirement, 401(k), Taxes
How will my 401(k) withdrawal and resulting adjusted annual income be taxed?
33% of people found this answer helpful
August 2017
    Debt, Personal Finance, 401(k), Stocks
Should I pay down my mortgage with assets from 401(k), stocks and savings?
25% of people found this answer helpful
December 2017
    Financial Planning, Asset Allocation, IRAs
How can I recover from losses in my IRA?
0% of people found this answer helpful
August 2017