Enso Wealth Management
Daren Blonski, co-founder of Enso Wealth Management, brings years of experience and expertise to the firm. As a CERTIFIED FINANCIAL PLANNER™ he has met rigorous professional standards while adhering to the principles of integrity, objectivity, competence, fairness, confidentiality, professionalism and diligence. Daren serves as lead advisor for many of the firms clients.
Daren has a client centered approach to investing, working with clients to simplify the road to achieving their financial goals. He takes the time necessary to clarify goals, construct a strategy to achieve those goals, and support clients through education, listening, and guidance. The highlight of his job is the joy clients experience when they reach financial fulfillment.
Daren has become an expert in his field with multiple financial designations including Chartered Retirement Plans Specialist℠ (CRPS®), and Chartered Retirement Planning Counselor℠ CRPC®. Clients value his fresh and creative approach to problem solving.
In his free time, Daren enjoys Crossfit. He is active in the community with his beautiful wife and three children.
There really is not enough information to understand why one would recommend a 401k over a Roth IRA in your situation. Below are some aspects you could explore.
- Have you considered whether or not your able to do both?
- Does your 401K provide a match, if so, by not contributing to the 401k your leaving money on the table?
- Is a tax deduction more valuable to you now or later? This really depends on your level of current income and expected income in retirement.
- A 401k allows you to save more for retirement than does a Roth IRA. How much can you afford to save each year?
- What investing options does the 401K offer? Roth IRA’s allow for much more flexibility in the way of investment options. 401k investment options are usually large mutual funds or ETF’s, and are viewed as possibly less risky than are many investments one can buy in a Roth IRA.
1. When you inherited your IRA from your spouse, was it titled as an inherited IRA, or did you just take ownership and it become your IRA. If it became your IRA you do not need to take a distribution until 70.2. Check with your financial institution on this.
2. If both IRA's are titled in your name, I would reccomend that you consoliate and make your life a little easier. This will especially be helpful when its time to take your annual RMD.
3. If the IRA you recieved from your spouse is in fact titled as 'inherited,' than you distribution from your other IRA is not likely to count as your distribution from your Inherited IRA. You would need to satify the RMD requirement from your inherited IRA.
Hope that helps,
Wise...it really depends on what direction you evaluate this question from. A car is typically a depreciating asset while a house is an appreciating asset. I think you must first ask yourself the question whether or not you 'need' the $40,000 care or if it’s a 'want.' Could you get by with something less expensive? Just starting out, I would go with the less costly option and focus on saving your money for the house. If you save now and invest in appreciating assets it will pay off in a big way at a later date.
Hope that helps,
1. There really is only two numbers that matter in retirement. What is coming in? What is going out? Whether or not you can afford this home is a function of analyzing expected flow in, and flow out.
2. I would consider waiting longer to take your social security out. 62 is the earliest you can take it, with a substantial reduction in your payout for the rest of your life. When do you plan to stop working? Why take it at 62?
3. Prior to buying this home, I would sit with a fee-only fiduciary advisor and have them work with you on constructing a financial plan.
4. Questions to consider. Why this home? Why now? Is this a good home for retirement? Are there lots of stairs in this home? Do we want to live in this home in retirement? Where are we in the economic cycle, is this a good time to deploy cash into real estate? What's the local real estate market like right now? Is this a house or a home?
The overall impact of the tax reform bill is mixed and will take a while to play out. It’s very difficult to tell to what degree tax reform will impact muni investing, as the bill was passed very quickly. Everyone is still reading it, even those who voted for it. From what can be discerned thus far, all 3.8 trillion in muni bonds will remain federally tax-exempt. In addition, the bill still allows for issuance of new muni debt. However, it is likely that we see a reduction in gross issuance, due to some shifts in the advanced funding rules. the bottom-line, the tax reform bill will likely have a neutral to slightly positive impact on municipal investing.