getting cash, avoiding tax penalties
By Laura Hand
Monday, November 17, 2008 at 7:05 p.m.
Read more: Economy, Financial, 411, Invest, Money, Annuities, Debt, Recession, Saving
Say 'money', and clearly having ready cash is a concern for Central New Yorkers stung by the financial setback.
Our panel of advisors took many calls on Monday evening, dealing with tax penalties for early withdrawals from annuities and retirement accounts.
People are also clearly looking to consolidate their debt as well, looking for strategies on paying off higher interest debt like credit cards.
Investors are also asking if it's the market, or their advisors' advice that's making them lose. And, where to invest (the advice:
buy into companies that produce basic necessities as the recession is underway; edgier small cap stocks are good bets as the recession is ending--the issue, is timing and knowing when the market is bottoming out).
CD's may be a stable place to invest, though with lower interest rates, and annuities may also be a possibility, with fixed rates more conservative, but variable perhaps paying back over the long-term (5 years +).
Our financial advisors will be back next Monday to answer questions from 5-6:30, or you can ask questions below, and we'll get them answered on the Financial 411.
