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Considering the current environment and our recent history, everyone seems to be searching for something stable and consistent - and with good reason. Trustworthy sources of information, education, and knowledge have risen to the forefront as a valuable commodity. And while trustworthy is a subjective term, open to interpretation, a few characteristics are paramount to most definitions - stability, reliability, and sincerity. Many times, trust is defined as a reciprocal relationship - one dependent on personal involvement from all involved parties. This search for trustworthy information sources extends to cover many areas of our lives these days - even our pocketbooks.
Since 1972, the Mississippi Gulf Coast community has been fortunate to be home to just such a resource. Fred B. Holmes & Associates, which since its inception has served as a significant source for reliable information regarding personal and business financial matters. Fred, along with his wife, Linda, believe in their community - they believe in becoming personally invested in their community and working to make it a better place. Fred and Linda are actively involved with the Make a Wish Foundation. Fred is a past Chairman for March of Dimes, and he also has served as Chairman for Gulfport's Development Commission. In light of their personal dedication to the community, it has been a natural progression for Holmes to lend their professional abilities to enhance the community. Fred leads educational events on a regular basis, at various locations and in a variety of settings - from local fish houses to community colleges to universities to upscale private clubs. The mission at Holmes & Associates is to offer the community a valuable combination of trustworthy information, education, and knowledge along with the products and services to examine current financial situations and implement feasible strategies. It is comforting to find community trust in today's all-too-self involved society.
*Investment Advisor Representative of and securities offered through ING Financial Partners, Inc. Member SIPC. 23 -39th Street, Gulfport, MS 39507. Phone 228.863.6500. Holmes & Associates is not a subsidiary of nor controlled by ING Financial Partners, Inc.
Submitted by Kent from Wiggins
Q: I continue to be concerned about my retirement. I heard on the news today that many of us “early” baby boomers have been hit the hardest and that we will have to work past our anticipated retirement. What can I do?
Answered 10/10/08 15:32:15 by Fred Holmes
A: The past few weeks have been difficult for many Americans. First, don't panic. Secondly, determine how much income you will need in retirement. Keep in mind additional sources of income that you will have in retirement like social security. Also, are those sources guaranteed? Third, review your current investments and their returns. Do they meet your risk tolerance? I call it the "sleep test". Are you able to sleep at night without worrying about where your investments are? Fourth, seek the help of a financial professional.Submitted by Anonymous from washington dc
Q: is there a penalty for early withdraw of 401k to a roth?
Answered 03/08/07 23:24:58 by Fred Holmes
A: A 401k can not be rolled directly into a Roth IRA, you have to roll the funds over to a regular IRA and then convert the IRA to a Roth IRA. If you are under age 59 1/2 there is a 10% Federal withdrawal penality for distributions from your 401k, unless the distributions qualifies under one of the exceptions (death, disability, substantialy equal payments, separation of service age 55, QDRO, etc.). In addition to the penality you must pay the tax on the money withdrawn. Taxpayers (other than married filing seperately must have an adjusted gross income of not more than $100,000 to convert.Submitted by poncho from gulfport ms 30507
Q: hello, in july of '05 i became disabaled,i have a lot of questions concerning my 401k and income taxes,i recived my first ss check in jan ,o6. can you suggest how i should begin to get my finacces i order? i have a lot of questions concerning my 401k and taxes.i need to with draw some of my 401k but i dont want to be eaten up by tax penaltys. thank you for your advice.
Answered 03/08/06 20:59:50 by Fred Holmes
A: The tax laws provide for penalty free withdrawals for disabled workers. Each individual should carefully examine all of the options available before starting to make withdrawals.Submitted by Anonymous from Biloxi, MS
Q: Is there a Roth 401K program? If so, how does it work?
Answered 03/08/06 20:54:31 by Fred Holmes
A: ROTH 401k'sare an option which your employer may add to your existing company's 401k. An employee may elect to have the contribution made with after tax dollars. The election will be most beneficial to people in low to zero tax brackets and to younger workers.
