Our panel of Certified Financial Planners for Monday, Apri l9 includes:
Dennis Hebert, Strategic Wealth Advisors 234-7256
Ted Sarenski, Blue Ocean Strategic Capital, 471-2672
Sue Hansen, Hansen's Advisory, 637-5153
Among the questions we're answering:
>Taxes if you're a beneficiary: if you have inherited an ira or an annuity, you need to pay taxes on the amount that the account has grown (beyond what was contributed to the account). Life insurance policy benefits are tax free.
>IRAs. You have til tax day, April 17th, to contribute to last year's and also get a deduction on the taxes you're filing now.
You can contribute $5,000 a year, or $6,000 if you're over 50.
Another saving strategy: if you're retired but still not force to take money out of your IRA, consider converting to a Roth, from a traditional IRA. You can roll the money over now, and perhaps pay lower tax rates when you withdraw it to use.
>Do I need an insurance policy or annuity? Don't buy because you think it's a good deal---figure out your goals and then tailor your investment to fit that goal.
>Universal Life Insurance. Check the annual statement to ensure that you're getting the amount you expect from the policy, and that you're not being terminated. If you're being told you won't get benefits, don't panic and cash it in...look for alternatives in reinvestments!
We answer your money questions on Mondays....you can email us at money@cnycentral.com or call 477-9480
