Jill on Money with Jill Schlesinger Do I Need a Financial Advisor?
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Aug 5, 2025 A listener navigates their experiences with three financial advisors, sharing humorous anecdotes and insights. The discussion delves into balancing multiple income sources like pensions and Social Security, while examining investment strategies. The conversation sheds light on the complexities of personal finance management and emphasizes proactive decision-making. Ultimately, it questions whether hiring a financial planner is essential for everyone, highlighting the importance of informed financial choices and available resources.
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Jeff's Financial Advisor Experience
- Jeff met with three financial advisors but still felt uneasy about their advice and methods.
- He primarily receives income from Social Security, a pension, dividends from four gifted stocks, and holds significant assets.
IRMA vs RMD Tax Impact
- Managing IRMAA (Income-Related Monthly Adjustment Amount) is less concerning with modest additional income.
- Required minimum distributions from IRAs will have a bigger impact on taxes and Medicare surcharges.
Manage Traditional IRA Distributions
- Take money out gradually from the traditional IRA to manage tax impact and avoid large future RMD burdens.
- Convert some IRA funds to Roth or invest distributions elsewhere to balance taxable income and growth.