Question: Can I name a Beneficiary on a Non-IRA account?

Yes, there is a way to designate a beneficiary on a non-IRA account and it is called a Transfer on Death agreement or TOD.  Some financial institutions use the term Payable on Death or POD.  It means the same thing.  This provision is used less often than the beneficiary designation on an IRA because it is seldom presented to clients as an option by banks … [Read more...]

Question: What is a Fiduciary and what does the Fiduciary Rule mean for Investors?

A Fiduciary is an investment advisor who works only for the investor and always provides advice that is in the investor’s best interest.  In the past, the conventional broker model has worked to avoid the responsibility of being a Fiduciary.  Many offering investment advice work under a rule that says the advice must only be Suitable.  That is a much weaker … [Read more...]

Question: Should I take my employer pension plan in a lump sum or take annuity payments at retirement?

Like many questions, there is no one-size-fits-all answer to this important question.  Professional advice is very important before you make a decision about how to receive your pension benefits. Here are some things to consider: What is your health status and possible life expectancy? If you are in poor health when you retire or you are convinced … [Read more...]

Question: Are bonds a safe place to put money that I don’t want at risk in the stock market?

Answer:  Conventional thinking says that bonds are a buffer and offer diversification from the stock market, and many people don’t realize that bonds can lose value, too.  A bond is a debt instrument.  When you buy a bond you are loaning your money to the government or a municipality or a corporation.  In return for the loan, the issuer of the bond promises … [Read more...]

Question: How does a ROTH IRA work?

Answer: The ROTH IRA turns traditional IRA rules upside down. It is named for Sen. Roth of Delaware who was the chief legislator to propose this type of IRA back in 1997. So, it has been around for a while but it is definitely gaining in popularity, and rightfully so. The best analogy to explain a ROTH IRA is the concept of the Seed and the Harvest. Would … [Read more...]

What should I read or is there a class I can take to learn more about handling money?

Answer: Have you checked out our Wise Women Leave a Legacy Program? This is designed especially to help women learn more about managing their money. We meet for an hour and 20 minutes on the third Thursday of the month in our office in Roanoke. The meeting begins promptly at noon. It is a small group setting and we share a variety of information each month … [Read more...]