Blog Archives - PFwise.com

What Happens If You Overcontribute to Retirement Account - Part II

8/31/2015

In our last blog post, we discussed two likely situations where one could overcontribute to a retirement account. When that happens, what can you do to correct it?

Call Plan Administrator
The answer is simple - call your retirement plan's administrator and ask them to refund your extra contributions - both the excess funding part and the associated earnings on that money - by the tax-filing deadline.

For excess deferrals made in 2015, the deadline is April 18, 2016, because of a federal holiday being observed on April 15.

How to Report on Tax Forms?
Your excess deferral will then be reported as income in the year the contribution was made, while the earnings or losses will count toward your income in the year you received the refund.

For example, if you overcontributed $2,000 in 2015 and got your $2,100 refund in March 2016, the $2,000 would count toward your 2015 income, but the $100 in earnings would count toward your 2016 income.

What happens if you forgot to call the plan administrator to correct the error? See our next blog post discussion.

What Happens If I Overcontribute to My Retirement Saving Accounts?

8/30/2015

Q. What happens if I accidental overcontributed to my retirement account this year?

A. First, let's see under what circumstances such overcontribution might occur.

Job Changes
If you are contributing to your workplace 401(k) plan, it's hard for such overcontribution to occur because most employers have systems in place prevent it from happening.

However, if you changed job during the year and your new employer doesn't know how much you have contributed to your previous employer's 401(k) account, such overcontribution could happen.

IRA Contributions
For IRA contributions, it's your responsibility to manage them, which means your risk of overcontribution is greater. This could be especially true if you automate your IRA contributions and miscalculate how much you are contributing to it.

In our next blog post, we will discuss what to do if you found you have overcontributed to your retirement account.

7 Simple Steps to Safely Conduct Backdoor Roth IRA Contribution

8/29/2015

Q. I heard there are risks of doing backdoor Roth IRA contribution for high income earners. How to do backdoor Roth IRA contribution safely?

A. While backdoor Roth IRA contribution is very attractive for high earners. We have explained in our previous blog posts that there are two complications, with one of them as a potential risk if you were caught by IRS during an audit.

To learn more details about the complications, you can read the blog posts here and here.

To minimize your risk of doing back door Roth IRA contribution, here is a simple step procedure to follow:

Make sure there are no other pre-tax IRAs
If there is any, roll over the existing pre-tax IRAs to a 401(k) (if available) to avoid the IRA aggregation rule
Contribute to non-deductible IRA (you need to have income)
Invest funds in the non-deductible IRA
Keep invested for 1 year (or if you're more aggressive follow the "one-statement" rule)
Convert to Roth IRA
Repeat steps 2-5 annually as desired!

Which Life Insurance Carrier in NY Does Not Take E-Signature?

8/28/2015

Q. Do all life insurance applications use e-signatures?

A. While most carriers and state take e-signatures for life insurance applications, there are exceptions.

The following New York Carriers require applications to be WET SIGNED:

Principal
Transamerica
Prudential
Metlife
AIG (US Life)
Protective (if business insurance or has an owner)

This means a little inconvenience - instead of e-sign a life insurance application, the applicant needs to physically sign on the signature page, then scan or fax back for processing.

A Little Trick to Delay RMD While Still Working

8/27/2015

Q. Can I delay RMD if I am still working and contributing to my employer's 401k plan?

A. If you have reached the age to take RMD but are still working and participating your current employer's 401k, then no RMD is required from this account. However, RMD is still required from your previous employers' 401k accounts.

Here is a little trick - rollover your 401k money from the previous employers' retirement accounts to your current employer's 401k account, in this way, you can delay paying RMD for those accounts.

Please note you are still required to pay the RMD for those accounts for the current year, but once rolled over, no RMD on those accounts anymore.

One Account to Satisfy the RMD From a Different Account?

8/26/2015

Q. Can a distribution from one retirement account be used to satisfy the RMD from a different account?

A. The answer is no for most people and most situations.

Exceptions
However, here are some exceptions -

If you have multiple traditional noninherited IRAs, a distribution from any one of them can count toward the RMD from any of the other traditional noninherited IRAs.
Similarly, a distribution from a noninherited 403(b) plan can be used to satisfy the RMD from all of the participant's noninherited 403(b) plans.

You can use this rule to eliminate a small account by taking all of the year's RMDs (for all your applicable accounts) from that one.

Account-specific RMD
Unfortunately, for most people, here is the bad news. The following accounts must pay their RMDs separately. For these plans, you must take each plan's or account's RMD from that particular account or plan:

All qualified plans (e.g., a Keogh plan or 401(k) plan). Even if you have five separate 401(k) plans, each one must pay its own RMD each year. An IRA distribution can never satisfy the RMD requirement for a qualified plan and vice versa.
Roth IRA distributions do not count toward required distributions from traditional IRAs.
And vice versa! Attention beneficiaries: A distribution from an inherited traditional IRA does not count toward the RMD from an inherited Roth IRA.
Distributions from inherited accounts do not count toward the RMD from your own account.
IRAs inherited from one decedent cannot be aggregated with IRAs inherited from another decedent. The IRAs from each decedent must pay their own RMDs.
Husband and wife must each take his or her own RMD from his or her own accounts. If one spouse takes more than the RMD, that cannot be used to reduce the other spouse's RMD.

Must RMD Be Paid In Cash?

8/25/2015

Q. My retirement account is fully invested but I am reaching RMD age. Must RMD be paid in cash?

A. There is no requirement that RMDs be paid in cash. A distribution of assets is perfectly fine.

The fair market value of the asset on the date of distribution will be included in the recipient's income to the same extent a cash distribution of the same amount would have been included. That value then becomes the recipient's basis in the asset going forward for purposes of computing gain or loss on later sale of the asset.

Consider an "in-kind" distribution if the retirement plan is fully invested, with no cash component, and you have no need or desire to sell any of the assets.

Use the RMD to move assets out of the IRA that would be better off in the taxable account, such as a growth asset you would like to gift to your children, or (now that the IRS is moving toward requiring special reporting for hard-to-value assets held in IRAs) a hard-to-value asset you would like to hold outside the IRA to avoid triggering new IRS reporting requirements, or a closely held type of asset that you can foresee may lead to prohibited transaction problems if it remains in the IRA (such as a piece of raw land you have held as a passive investment but now want to develop).

Financial Planning / Investment Related Designations and Certifications

8/24/2015

Q. What are the financial planning or investment related designations and certifications?

A. If you want to pursue a career in financial planning or investment related fields, there are plenty of financial planning and investment related designations and certifications. Below is probably still not a complete list.

General Financial Planning
CFP - Certified Financial Planner
ChFC - Chartered Financial Consultant
Master's in Financial Planning -

Wealth Management Certification
CPWA - Certified Private Wealth Advisor

Investment-related Designations and Certifications
CFA - Chartered Financial Analyst
CIMA - Certified Investment Management Analyst

Insurance Designations
CLU - Chartered Life Underwriter
CPCU - Chartered Property Casualty Underwriter
CLTC (Certified in Long-Term Care Insurance)

Retirement Designations
RICP - Retirement Income Certified Professional
RMA - Retirement Management Analyst
CASL - Chartered Advisor of Senior Living
RFG - Registered Financial Gerontologist

Estate Planning Designations
AEP - Accredited Estate Planner
CAP - Chartered Advisor in Philanthropy

Taxation - Designations, Degrees, and Licenses
CPA - Certified Public Accountant
MTAX or MST - Master's in Taxation
EA - Enrolled Agent
CTS - Certified Tax Specialist

Niche Educational Programs and Designations
CDFA - Certified Divorce Financial Analyst
ADPA - Accredited Domestic Partnership Advisor
CFT - Certified Financial Transitionist
CMP - Certified Medical Planner
CExP - Certified Exit Planner
ChSNC - Chartered Special Needs Consultant

MBA or CPA - which is better?

8/23/2015

Q. I want to get into the money management business, should I get an MBA degree or pursue a CPA license?

A. When it comes to choosing educational paths, the benefits of education are not about the degree or the letter after your name. It’s about the education itself. The “best” educational path is the one that you can most relevantly apply to the real-world demand of your job and career path.

So in that context, it’s important to recognize the fundamental difference between an MBA degree and getting a CPA license.

An MBA is a graduate degree to provide you with education and insight about how to run and operate a business (or how to understand someone else’s business more intimately). By contrast, a CPA license (and it’s a state license, not merely a designation or degree program) grants you the ability to prepare tax returns, represent clients before the IRS and in Tax Court, and to conduct an audit.

If your goal is to get into the wealth management business, neither of these really are for you. Although an MBA from a top tier school might get you into the door of wealth management business more easily.

6 RMD Value Calculation Complexities

8/22/2015

Q. What are the possible complication when calculate the value of assets in order to determine RMD?

A. In theory, the RMD determination is quite simple - you divide the adjusted prior year-end value of the traditional IRA by a divisor obtained from the appropriate IRS table. Unfortunately, in reality, complications do exist. Below are a few common ones:

1. Unpaid bond interest
For accrued but unpaid bond interest, should you include in the account value or not? The answer is, even though the IRA provider's form 5498 (filed approximately May each calendar year for the prior year) may not include such value, you are advised to include it.

2. Hard to value assets
If your IRA account holds some hard-to-value assets, its valuation should be supported by regular appraisals.

3. Deferred annuity
If your IRA holds a deferred variable annuity contract, you can normally use its "cash value" as its value for RMD purposes; however, if the contract has a minimum death benefit guarantee in excess of that cash value, and the contract permits you to withdraw cash without reducing the death benefit, a different valuation rule may apply.

4. Rollover amount
If you have any rollover amount that was deposited in the account within 60 days after the beginning of the year that was "in transit" between IRAs on the year-end valuation date, you need to add back the value into the prior year-end value.

5. Roth conversion recharacterized
If you have any Roth conversion in the prior year that was "recharacterized" in the current year, you need to add it into the prior year-end value.

6. Account value drop
If your total account value dropped to below the amount of the RMD, your RMD is reduced to the now lower total account value.

An Easy Way to Keep Track of Your Loyalty Points

8/21/2015

Q. Is there an app that tracks all the different kinds of loyalty programs I have signed up?

A. Yes. As a smart shopper, you have taken advantage of the different loyalty programs, but managing all the points, miles, discounts, and coupons could be a headache.

Not anymore!

You can try awardwallet.com, it lets you enter all the major loyalty programs (airlines, hotel points, chain restaurant points, etc.) so you can track them all in once place and don't miss a reward!

9 Retirement Stats

8/20/2015

Are you prepared or preparing for your retirement life? Look at the following 9 retirement stats and see what else you need to do in order to be better prepared for your retirement life:

22 percent of workers are very confident they will have enough money in retirement, according to the Employee Benefit Research Institute’s 25th annual “Retirement Confidence Survey.”
45 percent of Americans have saved exactly nothing toward retirement, according to recent Congressional testimony.
20 years expected additional lifespan of a woman of 65 — two years longer than a man.
One in six employers offers health insurance coverage to retirees these days.
$220,000 - the average 65-year-old couple's out-of-pocket costs for health care in the next 20 years.
5.8% is the projected annual growth rate for health care spending through 2022.
62% is the average retiree can expect Medicare to pay of his health care expenses.
38% of your medical expenses that you’ll have to pay when you file a claim with Medicare.
$200,000+ is what you could end up paying for a single year in a skilled nursing facility (“nursing home”) or a high-end assisted living facility (particularly if costs continue to escalate).

Public or Mutual Insurance Company: Which One is Better?

8/19/2015

Q. I plan to purchase an insurance product that is offered by both a public company and a mutual company. Which company is better?

A. There are two major types of insurance companies: public insurance companies and mutual insurance companies. It's a hard to answer which type of companies are better. Each company chooses to be a public or a mutual company based on its unique considerations.

Generally, a mutual company is "owned" by its policyholders, which means it will return its profits back to its clients in the format of dividends. This is quite like a credit union. However, it's hard to say if a credit union is better than a bank.

As a public insurance company, it is accountable to its shareholders who are the company's owners. With access to the public market, such companies could finance its operations with more (and better?) options. There is a general trend within the insurance industry that mutual companies are de-mutualizing the business structure.

The bottom line is, you want to pick a product that is best fit for your unique needs. There are both good and bad public or mutual insurance companies.

A Life Insurance You Don't Have to Die to Use

8/18/2015

Q. Is there a term life product that I could access the money while still alive?

A. Yes, AIG's Quality of Life (QoL) Flex Term product is a rare Term life product that offers great living benefits:

Chronic illness benefit
Critical illness benefit
Terminal illness benefit

These benefits are in addition to the traditional term life policy's benefits.

Best of all, its premiums are still very competitive, almost as low as the lowest traditional term life products' premiums we at PFwise.com could find.

You can visit the AIG QoL Flex Term Life product page here.

Please feel free to contact us if you are interested in this product.

State Estate and Inheritance Tax Rates and Exemptions 2015

8/16/2015

State Estate and Inheritance Tax Rates and Exemptions 2015

Best Underwriting Class For a Hep B Carrier Otherwise In Good Health?

8/15/2015

Q. I am in excellent health condition, however, I am a Hep B carrier. What's the best underwriting class I could get from my life insurance application?

A. The answer is it depends if you have chronic Hep B (Hep B carrier) or just an acute episode of Hep B, that has since resolved and all lab results returned to normal ...

If the latter, then it should not be a concern and you could achieve best class if you meet other conditions.

If it's chronic Hep B, then most insurance carriers will table rate you, and the specific class will depend on what lab results showing, liver function tests, any biopsy results, Dr.'s notes, etc. (if just a carrier w/ HBsAg positive and HBeAg neg, LFT’s always normal, than Standard class is common, and we know one carrier could potentially approve you at Standard Plus class.

Is There a Limit on Late Rent Fee ?

8/14/2015

Q. Is there a limit on how much a landlord can charge for late fee?

A. Generally if your lease does not spell out the provision of a late fee, you cannot charge it if the tenant pays the rent late. Of course this makes it very important to clearly state it in the lease how much is the late fee.

This brings up the next question - can a landlord charge any amount for a late fee?

The answer is no, it's subject to each state's rules and unfortunately different states have different rules.

But the good news is, Nolo.com has put all the states' basic rent rules in one page here - check it out before signing your first lease as a new landlord.

A Glance of Financial Security Licenses

8/13/2015

Q. What are the available financial security licenses?

A. The Financial Industry Regulatory Authority (FINRA) oversees all securities licensing procedures and requirements. This self-regulatory organization administers many of the exams that must be passed to become a licensed financial professional. It also performs all relevant disciplinary and record-keeping functions.

FINRA Licensing Breakdown

Series 6
The Series 6 license is known as the limited-investment securities license. It allows its holders to sell "packaged" investment products such as mutual funds, variable annuities and unit investment trusts (UITs). The Series 6 exam is 135 minutes long, and covers basic information regarding packaged investments, securities regulations and ethics.

This license is also required for insurance agents that sell variable products of any kind, because securities constitute the underlying investments within those products. Principals who supervise representatives holding a Series 6 license must obtain the Series 26 license in addition to having already obtained the Series 6.

Series 7
The Series 7 license is known as the general securities representative (GS) license. It authorizes licensees to sell virtually any type of individual security. This includes common and preferred stocks; call and put options; bonds and other individual fixed income investments; as well as all forms of packaged products (except for those that also require a life insurance license to sell). The only major types of securities or investments that Series 7 licensees are not authorized to sell are commodities futures, real estate and life insurance.

The Series 7 exam is by far the longest and most difficult of all the securities exams. It lasts for six hours and covers all aspects of stock and bond quotes and trading; put and call options; spreads and straddles; ethics; margin and other account holder requirements; and other pertinent regulations.

Those who carry this license are officially listed as "registered representatives" by FINRA, but they are generally referred to as stockbrokers. Many insurance agents and other types of financial planners and advisors also carry the Series 7 license to facilitate certain types of transactions inherent in their businesses. Principals of general representatives must also obtain the Series 24 license.

Series 3
The Series 3 license authorizes representatives to sell commodity futures contracts, which are generally considered the riskiest publicly traded investments available. Representatives that carry the Series 3 license tend to specialize in commodities and often do little or no other business of any type.

The Series 3 exam is approximately 120 minutes long and covers all forms of commodities transactions, options, hedging, margin requirements and other regulations. An offshoot of this license is the Series 31 license, which allows representatives to sell managed futures (pooled groups of commodities futures similar to mutual funds).

NASAA Licensing Breakdown

Not all securities licenses are administered by FINRA. The North American Securities Administrators Association (NASAA) oversees the licensing requirements of three key licenses:

Series 63
The Series 63 license, known as the Uniform Securities Agent license, is required by each state and authorizes licensees to transact business within the state. All Series 6 and Series 7 licensees must carry this license as well. The provisions of the Uniform Securities Act are tested on the 75-minute exam.

While this test is much shorter and covers less material than the FINRA exams, it is known for asking "trick" questions that force the candidate to definitively know the difference between which transactions and situations are permitted and which are required by the rules. This test also contains some experimental questions that the NASAA uses to gauge future relevance.

Series 65
The Series 65 license is required by anyone intending to provide any kind of financial advice or service on a non-commission basis. Financial planners and advisors that provide investment advice for an hourly fee fall into this category, as do stockbrokers or other registered representatives that deal with managed-money accounts.

The exam for this license is a 180-minute exam that covers the rules and regulations pertaining to registered investment advisors, as well as various investment vehicles and disciplines, economics, ethics and analysis. Much of the material is covered on the Series 7 exam as well, as many of the advisors who sit for this exam are not, and may never become, Series 7 licensed and therefore need exposure to the investment material covered therein.

Series 66
This Series 66 is the newest exam offered by NASAA. In essence, it combines the Series 63 and 65 exams into one 150-minute exam. This test contains no investment material, as the Series 66 license is only available to candidates that are already Series 7 licensed.

Making the Grade
Most securities exams administered by both FINRA and the NASAA have a passing score of 70%, except for the Series 7, 63 and 65, which have passing rates of 72%, and Series 66, which has a passing score of 75%. All tests are now given via computer at approved proctor testing sites.

Broker-Dealer Sponsorship Vs. RIA Requirements
Once all relevant securities tests have been taken and a passing grade received, licensees must register their securities licenses with an approved broker-dealer, who will hold their licenses and oversee their business (in return for a portion of the commission income). Those who intend to hold themselves out to the public as Registered Investment Advisors (RIAs) must register with the state they do business in if their assets under management are less than $25 million, or with the SEC if the assets exceed $25 million. Registered Investment Advisors do not need to associate themselves with a broker-dealer.

The 90/10 Rule in Investing

8/12/2015

Q. I want to be a buy-and-hold investor, but can't resist the fun with trading stocks. What can I do?

A. There is a 90/10 rule that you, or any investor, could and should follow:

Your buy-and-hold Bogle style boring portfolio (90%). This part of their investment portfolio is virtually locked up in a safe, compounding for retirement or some other long-term goal. It is protected from aggressive risk taking and invested in a portfolio that is consistent with your risk appetite.
Your fun-loving riskier Mad Money portfolio (10%). This money is for aggressive, riskier, short-term trading, taking chances on high-fliers, IPOs, etc. This is money you can afford to lose if your bets go south because you’ll still have the other 90%. Another key criteria with this portfolio: These bets should never exceed 10% of your total assets at any one time in the year, winnings you want to brag about at cocktail parties, and losses you might quietly hide somehow.

Track Stock Analysts' Accuracies

8/11/2015

For each stock, there are many analysts and financial bloggers who provide their opinions on what the stock will go next: up or down, Of those people, who has the best and consistent predictions? Is there any way to track them?

TipRanks is the answer.

It has developed a sophisticated algorithms to scan and interpret relevant financial text from the entire internet. With TipRanks, users can see the measured performance of anyone who provides financial advice by simply looking up his or her name. Users can search for any particular stock and see what top performing experts say about it, those who consistently outperform the markets.

How to Lower Auto Insurance Cost - Part B

8/10/2015

In our last blog post, we went over the different parts of your auto insurance policy. Now we will discuss the ways you could lower your auto insurance premiums.

You can lower the cost of your auto insurance if you:

have had no accident or ticket during the last three years
are insuring more than one car with the same company
have a teenage driver who has taken an approved driver education course and/or is eligible for a good student discount
have a child who is in college and away from home most of the year
maintain your homeowner policy with the auto insurer
equip your car with anti-theft devices, air bags and/or automatic seat belts
are age 50 or older
don’t drive to work
commute less than 10 miles to work
buy a car with high safety ratings. Check on your car’s rating at the Insurance Institute for Highway Safety’s web site, www.iihs.org.

How to Lower Auto Insurance Cost - Part A

8/9/2015

Q. How to determine the right amount of auto insurance coverage and how to get the best deal?

A. In this part, we will discuss how to determine if you have the right amount of auto insurance coverage.

Auto policies offer a wide range of coverage. Understanding them is the first thing to do. You can start with your current policy and check the “declaration page”.

Liability coverage. This is the most important part of your policy. It protects you against lawsuits arising from property damage or bodily injury for which you may be legally responsible due to an auto accident. Your liability coverage might be written as a single amount, which is the maximum your policy will pay, such as $500,000. Sometimes, coverage is written in split amounts, such as $100,000/$300,000/$50,000. The first number refers to the maximum coverage for injuries to one person. The middle figure refers to the maximum coverage available for all those injured in the accident, and the third figure is the maximum that will be paid for property damage to vehicles, structures, etc. Each state has different minimum amount of required liability coverage, make sure your coverage is significantly more.
Medical payment coverage. This is optional and usually ranges from $1,000 to $10,000 per insured who is injured in an accident. The insured usually includes a spouse and children of the insured. In some states it also includes the insured’s non-family-member passengers. If you already have excellent health insurance, you can drop this coverage, which will save you money.
Uninsured and underinsured motorist coverage. It pays for bodily injury and property damage when you or your vehicle is in an accident caused by an uninsured motorist or hit-and-run driver. This coverage may duplicate your health insurance and/or your collision coverage, but uninsured motorist coverage also can compensate you for “pain and suffering,” which the others do not.
Collision and Comprehensive coverage. It compensates you for damage to your car regardless of who is at fault. Each portion has a separate deductible. The higher the deductible, the lower the cost, but the more you must pay out-of-pocket in the event your car is damaged.
Some states require you to carry Personal Injury Protection. Unless it’s mandatory, avoid this feature – and its cost – by maintaining separate and more comprehensive health and disability insurance.

In our next blog post, we will discuss what are the ways to lower your auto insurance costs.

Where Active Funds Could Beat Passive Index ETF Investing? - Part B

8/8/2015

In our last blog post, we showed one area that active best passive investment - International Small Cap Growth stocks - and such outperformance has been consistent.

What contributed to such exceptional performances? There a few reasons.

1. Incomprehensive benchmark
MSCI index, which covers 45 developed and emerging market countries, only has around 4,000 stocks, but there are over 40,000 international small cap stocks available for active fund managers to choose from. This creates lots of space for outstanding performance.

2. Information advantage
Many of the active int'l small-cap fund managers use quantitative tools to screen and select stocks, in addition, they also have advantage on accessing company information compared with most retail investors.

3. Less competition
In a competitive market like the U.S., if a company got beaten down, hostile takeover or shareholder activism would follow. However, for many of the international small cap stocks, they tend to be family controlled and minority shareholders have little say, all these gives those active fund managers room to exercise influence and pushing for changes.

If you are interested in allocating a small portion of your portfolio to the actively managed int'l small cap growth funds, this U.S. News & World Report best int'l small / mid growth fund list is a good starting point.

Where Active Funds Could Beat Passive Index ETF Investing? - Part A

8/7/2015

Q. Is there an area where actively managed funds could win over passive index investing?

A. Yes, international small cap growth funds might be such an area a yearthat active managers win over passive index investing.

Based on a 2013 study published at Journal of Investing by Abhay Kaushik, a finance professor at Radford University - the average foreign small-cap growth fund beat its benchmark by 3.18% per year over a 20-year period from 1992 to 2011. The study has factored in the survivor bias (funds closed after long string of bad performances), and found persistence in winners beating the benchmarks.

Unfortunately, it is the only category, out of 14 total, that Kaushik found active wins over passive investment.

In next blog post, we will discuss what are the possible explanations on such outstanding performance by actively managed funds.

Historical Performances 1926 - 2014

8/6/2015

If you wonder the historical performances of stocks, bonds, treasury bills, and inflation, the following file could give you a graphic view!

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