Kiplinger and NAPFA collaborate to offer answers to peoples financial planning questions in a special chat series, Jump-Start Your Financial Plan. The latest chat occurred today from 1-3 ET, and included questions on financial issues including investments, retirement, and insurance from submissions via twitter and Kiplinger’s chat. Kiplinger provides the forum for the discussion, moderates the questions and NAPFA advisors provide answers to the questions.
It is always interesting to get a feel for the type of questions people are asking and what is on their mind at this moment in time. Here are a few questions that were posted and some of the financial advisors responses.
Question: It has not been asked yet, but feel like it should be. We were all shocked and saddened by the events in Boston this week. It was truly terrible. How do you see that event, and the other events this week (poisoned letters to leaders) impacting the short and long term markets? By Andrew
Response: Andrew, the sad events that have occurred make us all reflect on what is important and how fragile life can be sometimes. America is strong and will carry on, because of the resolve of the people who make up this nation. The world will see us for who we are and will not be afraid to invest in the future of this country. By Phil Hogg
Question: I will be 61 when my daughter enters college (i’m 46 now). Is a 529 plan the best vehicle for saving for college or would an IRA make more sense? By Charlotte
Response: Charlotte – with 13 or 14 years to go, both are attractive; however the tax advantage at withdrawal makes the 529 plan draw ahead – money that comes out of the plan paid directly to the school is completely tax free. By Curt Weil
Question: I have not started to plan for my eventual demise, but know I need to. What comes first? Doing a Will? Advance Directives? Power of Attorney? I want to do this right because so much is riding on it. By One Wife, Two Kids
Response: One wife, two kids…speaking to an estate attorney is a good idea. You will want to draw up a will and depending on your assets, they can help you with setting up trusts also. In the meantime you can make sure that all of your retirement accounts have the beneficiaries listed as you wish. This way they will go directly to your heirs and avoid probate. By Rich Frazier
View the full chat on Kiplinger’s website:
http://live.kiplinger.com/Event/Jump-Start_Your_Financial_Plan_with_NAPFA_7
Check it out on Twitter too:
