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.
I am not a fan of letting market volatility dictate you going to cash as it is almost always a bad decision. The market timing game is a fickle monster and I don't recommend playing it. Rather I think your best bet is to address your asset allocation. I would work with someone to help you figure out the needs in more detail and the amount of dollars you should allocate to less volatile asset classes like bonds. This is something we talk to all our retired clients about as this will structure your assets not to have to react to markets and provide you the comfort and piece of mind that your dollars will be there when you need it. There is a good chance you both live into your 90's and I'd hate for you to not experience the growth potential of stocks on some of your dollars to help combat inflation. Happy to answer anything else or help in any way necessary.
I would go into an all equity type of mutual fund or index portfolio. It will be a non qualified (non retirement) account at this stage. The other thing might want to consider is using these funds to pay taxes on a IRA to Roth IRA conversion. You are about to hit RMD age and be forced to take funds out and if leaving money for your heirs is of highest priority this is a great resource as it will give tax free growth for your and their lifetime. That is what I would recommend.
I'd say based on your age look at 6 months of expenses to have in a high yield online savings account like Marcus, or Synchrony. Once you've achieved that I would suggest a blend of other savings vehicles for other purposes. Retirement should be highly important to get started now. And if buying a home or other things are on the horizon some sort of liquid savings account for those dollars makes good sense to me. It really behooves you to sit down and think through what you are aiming to do with your other funds and goals then strategize the most efficient and best way to get there. But to start get those emergency savings down and the rest you can figure out.
Maybe is the answer. For instance, there are ways if you wait you or your wife could receive spousal benefits and let your/hers defer until age 70 while collecting 50% of the collecting spouses. That is one way it might make sense. Also women live longer then men, fact. Depending if your Social Security benefit is much higher than hers it also might make sense. Remember at 1st death whoever's benefit is higher will be the one the surviving spouse will be taking. High likelihood it will be your wife taking the higher of the two. In this case having it locked in higher might provide additional spousal protection if something happened to you. Remember the benefit grows about 8% a year you defer. Can't for sure know what is best for you with this information, but here are some thinking points for you to consider.
Well it is typically pretty hard to determine alone your appropriate levels of risk as one generally lacks the vantage point a professional does. That said if attempting it I'd ask myself how many years of security do I need if there is a down term to prevent me from acting emotionally.
As for your second question I don't consider buying a home a great investment decision. However, it can lead to the lack of a retirement expense if paid off completely. You'll never turn that home into an investment, or equitize it for your benefit. So if renting suits you I for one am far from sold that you must purchase a home. I've written many blogs on it and think it is a major misconception that you have to purchase a home. If renting keeps you not tied down and minimizes expenses I say heck it ain't a bad option.