Better Late Than Never! A Late Entry From NYC.

NAPFA-Registered Financial Advisor Maureen Whelan shares some of her experiences from the road during the bus stop in NYC:

I spoke with Maria who was concerned about protecting her partner and other family members who depend on her income. She was wondering if she should purchase life insurance. Maria is a good example of someone who needs life insurance since she has 3 people who rely on her to provide for them. As she was in her mid 40’s and in good health, I told her it was likely that she could purchase a relatively inexpensive 20 to 30 year level term policy.

I met with another woman who recently turned 70 and was wondering what she should do with her 403(b) and an IRA account. She had left her 403(b) with her employer and was wondering if she should or could transfer the money some where else. I told her that she had the option of moving the money to a brokerage or bank account. A broker or bank acts as the “bookkeeper” for her accounts. The might give her more investment options than her employer’s bookkeeper. I stressed that it was important that she do a rollover transaction so that she would not be taxed on the funds when they came out of her account. She was aware that she would need to start taking money out of the 403(b) due to her age and she was wondering how to do that. I told her that most brokers or banks will be able to calculate the amount that she would need to withdraw. It was a great conversation since she had money saved, had a good pension and was interested in starting to invest to provide an inheritance for her children and grandchildren.