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    • WSJ Asks Our Advisors How New Parents Should Approach Finances

      Tuesday, 23 September 2014 16:24   admin

      For the Curtin family, a new job marks an opportunity to take stock of their financial situation and re-evaluate college-saving options. The Wall Street Journal recently interviewed this family, and our advisor (Eddie Goepp) gave the family and WSJ a little perspective on important financial considerations that new parents with new jobs should keep in mind.

      James and Allison Curtin, both 29, of Smyrna, Ga., recently had their first child, Owen, now eight months old. Now Ms. Curtin works in corporate communications for a global company. Mr. Curtin, an insurance-sales representative, estimates that their household income for the year will total about $175,000.

      The couple has about $21,000 in a joint savings account. Ms. Curtin has about $32,000 in her former employer’s 401(k), and Mr. Curtin has about $91,000 in his 401(k). They don’t have a designated college-savings account, but for Owen’s education they plan to tap Mr. Curtin’s Roth IRA, which holds about $15,500. Mr. Curtin says he also has $30,000 in a taxable stock account.

      Here’s some of the tips that Eddie Goepp gave the family:

      1. Ms. Curtin should roll over her old 401(k) into a traditional IRA, which will open up more investment options. Mr. Curtin should continue contributing enough to his 401(k) to earn the company match.

      2. They should consider separating their savings for Owen’s (their son’s) education from their retirement savings. A 529 college-savings plan will allow for this, and thye can keep the Roth IRA for retirement contributions.

      3. For life insurance, they should look into policies that are enough to replace income and cover child-care costs. Mr. Curtin should be insured for at least $1 million, and Ms. Curtin for about $500,000.


      To read about more investing options shared with the family, read the original article here.