Byron Moore, CFP® and Mike Jones

The News Star columns

When should I start taking Social Security? part 1

By Byron Moore, posted November 17th, 2014

The following column was published in The News Star on Saturday, November 15, 2014.

Question: When should I start taking Social Security? I turn 62 next week and I’m not sure if I should take it sooner or later. I’ll probably work till I’m at least 70 if my health holds out.

Answer: The first thing to do is get your facts straight.

What to do with my unspent RMDs?

By Byron Moore, posted November 10th, 2014

The following column was published in The News Star on Saturday, November 8, 2014.

Question: I am old enough that my investment company is sending me the required minimum amount from my IRA every year. That started when I turned 70. But I don’t really need the money, so it’s just sitting in the bank, earning nothing. What else can I do with it?

Answer: All money gets spent by someone at some time.

Do you need a life insurance trust?

By Byron Moore, posted November 3rd, 2014

The following column was published in The News Star on Saturday, November 1, 2014.

Question: I have decided to buy a pretty large life insurance policy on myself so that if something happens to me my wife can keep raising the kids. She would have to forgo much of her career to raise our kids alone, so it wouldn’t be fair for her to have to go back to work later in life just because I died early. So I’m good with all that, but I am not interested in some dude coming along after me and sweet-talking my wife out of the money I leave for my her and my kids. How to I keep that from happening?

Answer: The way I usually hear this expressed is, “I trust my wife completely. It’s the guy after me I’m worried about.”

Money is a great tool but a lousy goal

By Byron Moore, posted October 27th, 2014

The following column was published in The News Star on Saturday, October 25, 2014.

Question: My uncle has a lot of money but he is not a happy man. He’s always grumpy, he’s never at home and his kids don’t like him. All his big business buddies think he hung the moon, but they don’t really know him. Do people just get to the point that when they have a bunch of money, it just ruins them?

Answer: One of the most quoted verses in the bible is “money is the root of all evil.”

Passing along family wealth wisely, part 2

By Byron Moore, posted October 20th, 2014

The following column was published in The News Star on Saturday, October 18, 2014.

Question: We are nearing retirement and it seems we’ll have more than enough. We want to begin passing some of our wealth to our adult children while we are young enough to see them use and enjoy it. But we do have some concerns about one of the marriages. And we don’t want to give them so much now that we end up being a burden to them later. How do we find the right balance?

Answer: As I stated last week, the secret to finding balance is having a plan.

Passing along family wealth wisely, part 1

By Byron Moore, posted October 13th, 2014

The following column was published in The News Star on Saturday, October 11, 2014.

Question: We are nearing retirement and it seems we’ll have more than enough. We want to begin passing some of our wealth to our adult children while we are young enough to see them use and enjoy it. But we do have some concerns about one of the marriages. And we don’t want to give them so much now that we end up being a burden to them later. How do we find the right balance?

Answer: The secret to finding balance is having a plan.

Risk tolerance changes with assets and age

By Byron Moore, posted October 6th, 2014

The following column was published in The News Star on Saturday, October 4, 2014.

Question: I was making an investment with my guy and he got me to fill out something called a risk tolerance questionnaire. It asked me questions like how much was I willing to have my account go down. At first I put zero, but he said I couldn’t say that, so I put something else, I don’t remember. Why do you guys use those questionnaires? They seem silly to me.

Answer: The “right” answer is to say that we use risk tolerance questionnaires to protect you (the investor) from putting your money in anything that has more risk than you may be willing to tolerate.

Never going to retire

By Byron Moore, posted September 29th, 2014

The following column was published in The News Star on Saturday, September 27, 2014.

Question: I have a small group of guys that meet with every week. We’re all in our 40s and 50s. One of the things that we all agree on is retirement. We’re not going to do it. We plan to work until we drop. For one, the idea of retirement is not a good one to me. Also, if I don’t have to save for a retirement I don’t want, it greatly simplifies my financial life. Wouldn’t you agree?

Answer: If anything, I think you and your friends have set your sights too low.

Choose an advisor over a salesman

By Byron Moore, posted September 22nd, 2014

The following column was published in The News Star on Saturday, September 20, 2014.

Question: Let me be frank. One of the reasons I have not yet done a financial plan is that I have not found a planner that didn’t just remind me of a salesman. I don’t want a salesman. I don’t want to be sold. I want advice. Is that so hard to find?

Answer: It shouldn’t be, but you might have to kiss a few frogs in the process.

Don’t miss the forest for the fees

By Byron Moore, posted September 15th, 2014

The following column was published in The News Star on Saturday, September 13, 2014.

Question: I will be retiring in about a year. I’ve talked to a few different advisors. The one I like the best charges higher fees than any of the others, but I really like her and think I would work well with her. I keep reading on financial websites and blogs how important fees are and how they can really impact total returns on your investment portfolio. Which do you think is more important, the fee or the advisor?

Answer: You have to decide if you are purchasing a commodity or a specialty item.  

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