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Meet Bob Barry
Expertise
Budgeting and Saving, Credit Cards and Debt, Family and Caregiving, Property and Insurance, Retirement and Investment, Student Loans, Taxes and Estate Planning
Location
Hackettstown, New Jersey
Credentials
CFP®
Education
College for Financial Planning
Founder and President of Barry Capital Management. Bob is former National Board Member of the International Association for Financial Planning and former National President and Chairman of FPA, the Financial Planning Association.
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Questions Answered by Bob Barry
I am 70 & husband is 75. We will inherit approximately $160,000 soon, and have approximately $180,000 on hand which includs $69,000 in Roth IRA's. My question is whether we should pay off the $50,000 balance on our mortgage loan. We are able to live on our monthly retirement income. Our monthly house payment is about $800.00 and the existing loan will be paid off in October of 2018.
May 12 2012 / 7 Views / 1 Expert Answers / Loans
Thanks for answering part of my question Bob, but I have to explain that I am receiving Soc. Sec. Disability and am defined by them as "not likely to get better", the highest category. So, does this mean that I am exempt from all penalties for early withdrawal of my IRA Annuity?
May 03 2012 / 16 Views / 1 Expert Answers / Taxes
I discovered some irregularities with a Lifetime Spousal Annuity that I prchased in June of '08. Long story short, the Ins. Co. payed out a non-settlement to me 4000 dollars more than the purchase price. I intended to roll it over into another IRA, but have been informed that I may be liable for a 10% tax penalty and maybe another 10% for early withdrawal(I'm 581/2). Am I truly responsible for these taxes? I also saw somewhere that because I am disabled(with proof) that I am exempt from theses taxes. Any truth to any it?
April 29 2012 / 28 Views / 1 Expert Answers / Taxes
I am getting out of my company to protect lump sum payment on pension money - is there a 1 time tax exemption at a certain age for a windfall amount ?? or will I have to be taxed - and what if I roll over part of it & use part of it - to say pay off a 2nd mortgage to be less upside down
April 06 2012 / 27 Views / 1 Expert Answers / Budgeting New
