Hill and Hill Financial - Investments and Your Income

Morgan Hill from Hill & Hill Financial quotes Albert Einstein along with with his advice and tips on investing for your retirement.

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Welcome to local business spotlight everyone i'm troy thompson joining me today of course is morgan hill from hill and hill financial and today we're talking about a very important topic is investments and your income welcome to the show my friend always great to be with you nice to see you again okay i think this is super important i like these type of conversations because i believe one should be investing from the very beginning of your working life even if it's five bucks absolutely didn't you agree um i think it was albert einstein that said one of the great wonders of the world was compound interest the power of money building on money over time i found two truths that is the older i get exercise still works it's your body responds and no matter how old you are one of the points i want to make is you're never too old it's never too late to begin a process of investing and saving for the future i agree we do good advice all right you ready ready all right what is an in-service transfer and how does it relate to someone's 401k great question um many first of all an in-service transfer when most of us will have a 401k through our employer yes inside this 401k it's usually a huge set of documents there's this little teeny page with a box that says are in-service transfers allowed well what happens when we turn 59 and a half many companies will allow you to move that money while still staying in service oh really you're employed you're 60 years old still with the same company still the same company still contributions still matching all of that's in good shape but you go you know what i'm getting to the home stretch of when i retire and maybe there's some other investment options that my 401k does not offer that i may want to take advantage of so 40 in 401k in service can be in whole or in part it just gives people a tax-free way to move money no penalties and you just have more choices and options but i do want to ask you it's best to come to someone like you to find out if that's all possible and if there's any fees and charges about it yeah yeah don't go doing it yourself at the at the risk of sounding self-serving no you know most most folks go i the number of people i meet troy that go i had no idea this was even possible yeah and then what are the ways to do it there's something called a special tax notice number 402 letter f yep that gives you all the rules and guidelines and it's one of those if you don't what was the old games we played mother may i or simon says if you don't say it the exact way you get uh you get penalized you're penalized you want to make sure that you follow all those guidelines so you do it correctly all right when someone is given an option on a pension okay to roll it over to a different custodian or receive a monthly check how does the best way to make that decision um again really good questions thank you so much um we often get asked the question you know i get this pension and usually there's a dollar figure morgan i've accumulated a half a million dollars at my employer should i take that money roll it over into an investment and manage it myself for income or should i take the pension check that they would set up that they guarantee and the answer is it really depends my general bias because we do a lot of income planning my belief in bias is real simple income that you rely on every month should be stable and or guaranteed yeah and cover all your muscles i was about to say the same you need to guarantee and people go that sounds really simple i said you'd be surprised the conversations i have so what i do is we go our team goes through an analysis to make sure that wherever we're going we can provide that outside or if you can't based on what's in the market it could be stay with your company let them give you that pension check so you have that good guarantee if you want to call our local number which is obviously three eight five five zero two seven zero or our one eight hundred number eight hundred eight eight seven nine six four seven those that call in will get a complimentary copy of the book building a better retirement and if they need any help with any of their retirement planning needs would love to schedule a time and all of our consultations are a complimentary service okay well they need to give you a buzz that's what that needs to happen absolutely we appreciate you if you want to find out more information there it all is up on the screen for you hill and hill financial and we've been talking all about your investments and income