Global Wealth Advisors
President, Office of Supervisory Jurisdiction (OSJ)
My career passion is to help you feel 100% secure in knowing your financial matters are in order. That's why Global Wealth Advisors was formed in 2000 to help people just like you, who are typically seeking advanced solutions to complex financial situations. Whether your goal is wealth preservation, asset protection, retirement income distribution, college funding, business succession, estate planning or a combination of these, GWA provides you with cutting-edge knowledge, strategies and tools.
I was born and raised in St. Louis, Missouri where I graduated from Oakville Sr. High School. Though calling the Dallas area home since 1999, I remain a die-hard St. Louis Cardinals fan. My wife Dana and I currently live in Lewisville, Texas with our sons, Brayden, Nik, and AJ. On weekends, we can be found boating in Cedar Creek Lake or at one of the boys' many sporting events.
As a Chartered Retirement Planning Counselor™ (CRPC®), I have also passed the CERTIFIED FINANCIAL PLANNER™ (CFP®) certification exam and am an Accredited Investment Fiduciary® (AIF®). I hold FINRA Series 7, 24, and 66 securities registrations with Commonwealth Financial Network® and am also a graduate of Southwest Missouri State University with a Bachelor of Science in Finance.
You'll be pleased to know that that I am a multi-year recipient of the FIVE STAR Wealth Manager award. FIVE STAR Wealth Managers are selected by their peers as satisfying objective eligibility and evaluation criteria associated with providing quality services to clients in the market region. In 2018 less than 3 percent of wealth managers in Dallas, Texas, have been named to the list.*
Finally, I am proud to have been recognized as a President's Club advisor in 2017—a distinction based on annual production attained by 22 percent of advisors affiliated with Commonwealth Financial Network. Each year, Commonwealth, the broker/dealer–RIA that helps us process investment transactions on your behalf, recognizes President's Club advisors by inviting them to an exclusive gathering of their peers, leading industry experts, and Commonwealth home office staff. President's Club advisors benefit from an intensive learning and networking experience designed to help them hone their expertise, share best practices, and provide ever-higher levels of service, education, and leadership to their clients.
Bachelor of Science in Finance, Southwest Missouri State University
Assets Under Management:
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No offers may be made or accepted from any resident outside these states due to various state regulations and registration requirements regarding investment products and services. Investments are not FDIC- or NCUA-insured, are not guaranteed by a bank / financial institution, and are subject to risks, including possible loss of the principal invested.
Securities offered through Commonwealth Financial Network®, member FINRA/SIPC, a Registered Investment Advisor. Advisory services offered through Global Wealth Advisors are separate and unrelated to Commonwealth.
There have been plenty of good answers as to why you shouldn't time the market but the real question is "what level of risk are you comfortable with in ALL market conditions"? There will always be bear markets and even the best stocks can lose significant value. Maybe the problem is you are invested in something too risky to begin with. If that is the case simply de-risk a bit by adding more diversity (fixed income, dividend paying blue chip stocks, etc.) into your portfolio. As you get more comfortable with the current economy/market you could re-engage with more risk, but exiting completely is rarely a good strategy.
I would also question why there is a current Capital Loss if you invested anytime prior to the beginning of this calendar year.
If you are Married Filing Jointly you would probably now fall in the 24% bracket, 35% if Single. Depending on the property type you may be able to hold it within an IRA rather than cashing it out and paying income taxes (not to mention an additional 10% penalty if under 59.5 years of age!). Buying it within the IRA may require moving to a different institution, and I would seek a CPA's advice prior to doing so. In the end consider how quickly do you estimate the property can replace all the value lost to taxes? Does it generate immediate income? Is it a flip, which will result in more taxes when sold?
The IRS does not make calls. Period.
25% is outstanding, sounds like you have a great employer who cares for their employees. You did not mention having an "after-tax" account for cash reserves and investments. That is where I would start. As a rule putting 10% of your net income annually, at a minimum, into the account will help build a reserve if you have an emergency cash flow need. Build at least 3 months of your expenses in a cash or short term bond position. Then start laddering into a mix, perhaps 50/50 or 60/40 of stocks/bonds using index mutual funds or exchange traded funds.
Prior to the tax deadline each year you can make a prior-year Roth contribution if your income is under $130k (phaseout begins at $120k). I would maximize the $6,500 contribution if possible each year.
The combination of Pre-tax (employer retirement plan), after-tax and tax-free buckets to draw from in retirement will allow you to keep your effective tax rate lower- versus drawing everything out from the employer plan at Ordinary Income Tax rates.
Without knowing your current net cash flow (is your wife currently employed?) this is difficult to answer, but here are a few things to consider:
1. If filing Married/Jointly you can have up to $77,400 of Ordinary Income at the 12% and lower tax rates. Assuming your pension is your only current income this leaves almost $33k of room to withdraw from your IRA at this low tax rate versus later at potentially higher rates.
2. A 30-yr mortgage would allow for the most flexibility in your situation, due to the lower current payments. With today's rates you do not give up much versus the 15 yr. You could pay extra towards the principal as cash flows allow in the future if desired. Based on a $265k value you could borrow the full $195k needed to cover the current loan and improvements through a cash out refinance and have an approx. payment of $950/mo. assuming good credit.
3. You might consider, if employing the strategy outlined in #1 above, delaying Social Security to a later age. Your 401k is in a fixed account earning far less than the 8% annual increase your SS benefit will have if delayed. Not to mention with your combined pensions/SS, once you reach Required Distribution age (70.5) you will be pulling money out of your IRAs at a higher tax rate.
4. Lastly, but most important, I would discuss with an advisor your current asset allocation and budget to be certain utilizing a fixed account in your 401k makes long term sense. If your SS/Pension income are not estimated to cover future expenses it's important to understand the depletion rate on your 401k(s), if any.