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Genovese Burford & Brothers Blog

Read the latest posts from the Financial Advisors of Genovese Burford & Brothers.

Consider taking a Qualified Charitable Distribution from Your IRA

Consider taking a Qualified Charitable Distribution from Your IRA
From time to time you may be inspired to do some good for others.  Perhaps the recent wildfires in California are a reason for you to want to help someone in need.  Coupled with that, you may also have a Required Minimum Distribution (RMD) that you have to take from your Individual Retirement Account (“IRA) because you are 70 ½ or older.  As we approach year-end, the December 31 deadline for you to take your RMD for 2018 is fast approaching.  One last acronym:  consider the Qualified Charitable Distribution (QCD).  QCDs only apply to IRAs, so if you have assets in a 401(k) or other plan and you would like to do what we describe below, you would have to rollover those funds to an IRA first. A Qualified Charitable Distribution allows you to give up to a total of $100,000 of your RMD from your IRA directly to charities...
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3 Important Questions to ask when Hiring a Financial Advisor

3 Important Questions to ask when Hiring a Financial Advisor
So you’re thinking it’s time to hire a financial advisor…but how do you go about selecting the right one? Hiring a financial advisor is a major decision that should not be taken lightly.  Unfortunately, many people spend more time shopping for a car than researching and interviewing an advisor.  There have been a lot of changes in the industry with numerous types of advisory firms and their services.  When you’re close to meeting with a financial advisor, it’s important to be prepared to ask the right questions to make sure you, the advisor, and his or her firm are a good fit from the start.  The following are 3 broad, easy-to-ask questions you should have on your list before hiring a financial advisor. Are you a fiduciary? This is the single most important question that you can ask and lets you know from the start the advisor’s responsibility to their...
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How a Financial Advisor Can Help Me Evaluate My Pension Payout (Part 2)

How a Financial Advisor Can Help Me Evaluate My Pension Payout (Part 2)
If you read part one of this blog series, How A Financial Advisor Can Help You Evaluate A Pension, but thought, “I’d like to understand the math that goes into this decision”, you are in luck! Although it takes a bit of work, there are 3 steps you need to take before you take the final step of evaluating how it fits in your overall financial plan. Step 1 Have an advisor help you determine the probability you, your spouse or both are still alive in a specified number of years.  “How do you do this?” you may ask. Good question! The government publishes life expectancy tables that will give you and your advisor the typical life expectancy for single or married couples.  From there, the discussion can evolve around you and your spouse’s current health, longevity expectations and financial situation, to develop a reasonable decision to claim benefits. Step...
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Best Practices for Maximizing Investment Returns in Your 401(k)

Best Practices for Maximizing Investment Returns in Your 401(k)
One of the toughest challenges of being a Financial Advisor comes up all too often.  Prospective clients come to us all the time already very close to their target retirement age only to find that they haven’t saved enough in their 401(k) plans or haven’t invested prudently, or worse, both.  While financial planning can help make the best of a tough situation, many times the reality is that these clients will have to work longer than they’d prefer.  That got me thinking on a few best practices we can offer to people who are currently working and saving in their 401(k)s, to help avoid that outcome of being caught short of savings to support the desired lifestyle during retirement years. 1.       Take the long-term outlook (no market timing) Just a few months ago I had a new client tell me, “The market had been going up steadily since 2009, and...
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How a Financial Advisor Can Help You Evaluate a Pension

How a Financial Advisor Can Help You Evaluate a Pension
After a long and satisfying career, you’re finally starring down the barrel of retirement. Traveling, relaxing, seeing family… and suddenly the rose-colored lenses you’ve been looking through are crushed by a stack of paperwork from HR asking how you would like to claim your pension benefits. Single life, Joint life, lump-sum, period certain, spousal benefits with a pop-up provision, and probably several other terms you’re unfamiliar with stick out as you skim over the packet. Worse off, there is likely a deadline on your sheet for you to respond. Cutting through all the jargon on the paper, the packet of information is asking a few questions; How healthy are you compared to the average person your age? How comfortable are you with risk? How much control do you want to have over this money in retirement? If you can confidently answer these questions, then a financial advisor can help you...
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