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 are many options for you. Here are a few items I would consider if I were in your position. I would want the following:
1. Low cost
The key with investing is starting and staying consistent. Nice work on getting started. Make a goal for yourself each year to save, and grow your investments. Build a diversified investment portfolio. Don’t take too much risk, that you chance losing it all.
Daren Blonski, CFP®
707 938 7414
This is a really important question. Answering this question prior to understanding your full financial situation would be putting the “cart before the horse.” The are many considerations that go into making a decision on someone’s investment allocations. When you say ‘protect’ and ‘grow’ in the same sentence, you begin to work at potentially a cross purpose for the money. Or you will have to look at the pot of money as two separate pots. But you need to be careful when you say the word protect, because this word will often provide a ‘gold platter’ for an insurance sales person to sell you an annuity.
I think that it’s important that you find an independent fee-only advisor and have them review your options with you. Consider first putting in a financial plan, prior to making investment allocation decisions.
A word of caution: I would not go to a broker and have them review with you. If you are going to a bank, or a large institution to talk with an advisor, you are likely talking to a broker. If your talking to a person that works FOR any large institution, be careful.
Daren Blonski, CFP®
707 938 7414
I am not sure why they are telling you that you need to withdraw ALL of your TSP. The only time, I am aware, where an organization can force you to take all of your money out, is if the balance is under $5000K. You only have to take your RMD at 70.5, it is not necessary to take out money in excess of your RMD. If that’s not the case, I would explore whether it makes sense to roll the account to an IRA. But taking a full distribution of your TSP in one calendar year, could have severe tax implications. Often taking distribution of a retirement account over many years is the best approach.
I would find an independent fee-only advisor and have them review your options with you. I would not go to a broker and have them review with you. If you are going to a bank, or a large institution to talk with an advisor, you are likely talking to a broker.
707 938 7414
The answer to this question can be slightly convoluted, I would call the company you custodian the assets at and have them look at the account and tell you how much you need to take. They will know. You should be able to stretch the IRA and will not be limited to the 5 year rule, but there are other factors that will play into this answer. Here is a link that can walk you through the rules of distribution. If you do not get an answer that sufices from the company managing the assets, I would call a tax adviser.
There four options as to what you should do with your 401K from your previous employer.
1. You could transfer it to your new employer.
2. You could roll it to an IRA, if you choose this approach, make sure you pick a fee-only independent advisor. If you work with a broker, at a large brokerage house, you are likely to be sold a financial product. You are not necessarily getting advice in your best interest. Prior to moving the 401k interview a few independent advisors. Find someone that fits you.
3. Take a distribution. I don’t know enough about your situation to advise on this. But generally taking a distribution is not advised.
4. Leave it there. If you have more than $5000 in the plan you can leave it there and the employer will continue to service the account.
You should sit down with an independent advisor to evaluate your options prior to doing anything. Its imperative that you talk with a fiduciary and not a broker, as you want unbiased advice.