Brandon Renfro

Brandon Renfro, CFP® 5 min read I'm 54, retired military and get $1,500 a month after taxes and medical deductions.

I’m about five years away from 62 and wondering if my estimated Social Security benefits factor in inflation/cost of living increases? If I retire at age 62 and my benefit estimate ($1,708) is correct, I will get eight cost-of-living adjustments (COLAs) by the time I reach age 70. If we apply the historical average COLA […] The post Ask an Advisor: Social Security at 67 ($2,231) or 70 ($3,008). Will COLA Continue to Increase the Payout If I Wait? appeared first on SmartReads by SmartAsset.

Because of our income bracket – we make over $350,000 per year – we cannot contribute to a Roth anymore. We're 61 and 62, and planning to work until at least 67.

I recently learned that I am the beneficiary of an annuity in the amount of $54,845 from a friend. I was given choices on how to receive the money: lump sum, roll it over or defer the payments over a certain number of years. I don't have anything saved for retirement and I don't know […] The post Ask an Advisor: What Should I Do With the Annuity I’m Inheriting? Take a Lump Sum, Roll it Over or Defer Payments? appeared first on SmartReads by SmartAsset.

I am 64 ½ and have been retired for just over a year. I am receiving Social Security benefits, a bit early, but have not touched my nest egg except to withdraw $10,000, which I placed in a high-interest savings account as an emergency fund. Would it be wise to use part of that cash to top off my, or my wife's IRA contribution for 2023 and then continue to withdraw small amounts for the next few years to build up the emergency fund to a higher level? We have about $1.2 million between our two IRAs.

My wife (62) and I (60) have $2.4 million in our Edward Jones IRA account and have no mortgage payment and our children are out of the house. Do we really need a financial advisor (at 1%) or could we go with a less expensive option like Vanguard? We don’t see any adjustment with our […] The post Ask an Advisor: We’re in Our 60s and Have $2.4 Million in an IRA. ‘Do We Really Need a Financial Advisor?’ appeared first on SmartReads by SmartAsset.

Financial advisor and columnist Brandon Renfro I am a 66-year-old retired woman.

What if a husband and wife own a home together that increases in value by $500,000. When one spouse dies and the other owns the property themselves, do they receive a step-up in basis?

Although everyone is different from a tax bracket standpoint, at what tax bracket does it makes sense to start converting your 401(k) into a Roth 401(k) and pay the taxes upfront? For instance, I am 42 with a combined income of $560,000 between myself and my wife, putting us in the 35% federal tax bracket. […] The post Ask an Advisor: We’re in the 35% Tax Bracket. At What Point Does It Make Sense to Start Converting Our 401(k) Into a Roth? appeared first on SmartReads by SmartAsset.

I'm in my mid-40s, married with four kids. My husband doesn't want to work and has left the financial responsibilities to me for as long as I can remember. I don’t have much in my savings account or in my 401(k). My annual income is only around $85,000. My eldest is about to start college, […] The post Ask an Advisor: I Have 4 Kids and Make $85k But My Husband Doesn’t Work. How Do I Start Investing So I Can Pay for College? appeared first on SmartReads by SmartAsset.