Lifelong Financial Advisor, Partner
In March 2010, Andrew Rosen joined the Diversified team, bringing with him nine years of financial industry experience. In his role as Financial Planner Andrew forges lifelong relationships with clients. He coaches them through all stages of life and guides them to better achieve their life goals. Andrew, alongside the team at Diversified, consistently delivers high-level, concierge service to all clients.
In 2003, Andrew graduated from the University of Delaware with a BS in Finance and a minor in Economics. He continued his industry education by obtaining his series 6, 7, and 63, along with property/casualty and health/life insurance licenses. In addition, Andrew received the CERTIFIED FINANCIAL PLANNER™ designation in 2006, the CEP in 2010, and has been named a Five Star Best in Client Satisfaction Wealth Manager in Philadelphia and Delaware every year since 2010.
Outside of Diversified, Andrew’s number one passion is spending time with his beautiful wife, Jessica, and his amazing children, Aviva, Isabella, and Emmet. Andrew resides in West Chester, Pennsylvania where he is a member of the DuPont Country Club. He is a high level squash player, a runner, and very average golfer. He also serves on both the Board of Governor at the University and Whist Club and the board of the Jewish Federation of Delaware.
BS, Finance, University of Delaware
Assets Under Management:
Securities offered through Securities Service Network, llc., Member FINRA/SIPC. Fee-based advisory services are offered through Diversified Financial Consultants, LLC, a registered investment advisor. If a recommendation is included in the above email, please contact me for additional investment information supporting the recommendation.
If all you are looking for is to purchase a stock and get no advise or financial planning then the move is to use an online brokerage firm. There are plenty out there from etrade, to td ameritrade, to capital one sharebuilder. I am unsure the cost difference between them but they make it fairly simple. You create an account, the fund the account, then purchase a stock and quantity of your choosing. Make sure you have the ticker symbol and know what price you want to purchase it for. From there everything should go fairly smoothly.
I am a big advocate for term insurance. I think the only time you really need any form of permanent insurance is when you have a permanent need or a permanent want. Nothing you indicated suggests as such. Instead with three children you likely need quite a bit of death benefit on you and likely aren't getting the appropriate amount due to the costs of your indexed universal life policy. I would rather see you allocate those dollars to one of two places. Either A. getting more less expensive term insurance or B. simply invest the rest in traditional investment vehicles. If you go with option A. I'd spend the time to think through the right death benefit for your children and spouse you deem appropriate. Then I'd figure out the term worth covering, likely something like 20 or 30 year term policy. Think that will get you on your way.
For starters I commend you for being 35 years old and having $500k in retirement savings. As for the question at hand it is a tricky one to say the least. You are definitely saving more than the average individual at 31%. Most places will tell you if you save 10-15% you will be OK. I am more of a believer of saving closer to 20% to be honest and you still are way above that. Now the real question at hand is figuring out what lifestyle you want now and what lifestyle you aspire to in retirement? Also I'd want to understand when you want that retirement to be? If you plan to retire early than certainly you need to save more aggressively. If you plan to work later like into your mid 60's I'd say you likely can afford to pull back. Balance is one of the hardest things to do in financial planning as it takes a lot to figure out the right mix between spending, and saving. There is no 100% right answer, but assuming you plan to have a normal working career I'd say it is likely OK for you to pull back so you can enjoy life a little more. I will say if you aren't going to be spending the money any way keep saving and maybe just save into a liquid investment account so you can have access to these funds sooner rather than later.
I think the key is what not to do. I would not touch any o fyour IRA's or 401(k)'s. Not that you are close to the point of "bankruptcy" but these assets would be protected if you need to go down that path. Besides that you are doing the most important thing which is networking and trying to find new employment. I would also freshen up on your states unemployment policies to see when and if you'll be entitled to unemployment benefits. Some States would require after unemployment payments, some start now, and some you wouldn't be eligible if certain situations. Naturally the other thing I would do is slim down expenses as best you can to the bare minimum until you've secured new employment. Good sites for looking for a job are indeed, linkedin these days, and depending on the level you were I've had lots of clients find success using a recruiter. Best of luck and let me know if any other questions or can help in any way.
Many different things going on here. For starters, if you are working and SS eligible it typically isn't the best idea to turn on SS. There are negative tax implications based on earnings. Second, the loose estimate when factoring SS is that the benefit increases 8% every year you wait from 62-70. Naturally, it makes no sense to wait past 70. There are other factors when deciding when to collect SS like life expectancy, spousal benefits if married, current income needs, risk tolerance etc. As for the 457/401(k) dollars the conventional wisdom is you delay them as long as possible as well as most people tend to take their non qualified dollars first to allow for continued tax deferred growth. There is a lot to balance here and hard to give a concise answer, but hopefully understanding these basic principals will help guide you on your path.