Why should I rollover my retirement from my old employer?

You have left your job.  You have a retirement plan or 401(k) plan that you have money in.  Do you take it out directly?  I will tell you why not.

1. You will pay taxes on the money in the year you take them out.  This may increase your tax bracket.  If you are not age 59 1/2 then you will have an additional penalty of 10% on everything you take out.

2. The retirement plan administrator will also keep an additional 20% for taxes if you have not reached age 59 1/2.

If you need the money there is a way to minimize the impact of the first item and to avoid the second item.  How?  You can do this by rolling over your money to an IRA or Individual Retirement Account.  Once you do you can decide if and when to take money out and plan for the tax implications.  If you don’t need it or you still have some left you may then invest it and let your money work harder for you.  You will want to consult your tax or financial professional to decide how best to do this. 

– Stu Blair  www.blairfs.com

Why should I review my life insurance?

Change is the great constant in each of our lives. Most people buy insurance and then forget about it.  A review will help you discover one of the following things.

1. You’re well protected.  You life insurance is working and is cost effective. 

2. You’re spending more than necessary.  Because interest rates and financial markets fluctuate you may be able to purchase additional coverage without increasing your premiums.  Or you might be able to receive your current coverage for a lower premium.

3. Your situation has changed.  You may not need as much as before or what is more often the case your coverage is not enough to secure your current objectives. 

If your have not reviewed your life insurance in the last 12 months then its time to do so. Its all about piece of mind for yourself and your loved ones.  Contact your financial professional to schedule your review.

-Stu Blair, www.blairfs.com

New Blair Financial Solutions Blog by Stu Blair on Hotspot!

Welcome to my new blog.  Someone finally pulled me into the 21st century to provide this service.  Please visit my site at www.blairfs.com  I hope everyone has a very safe and happy holidays!