What To Do When Your Baby Grows Up

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How Do You Manage Those Accounts?

By SJS Director of Client Services Jeff Yost.

One minute, they’re newborns. The next minute, they’re in grade school. And the minute after that, they’re lobbying for a car – either yours, or one to call their own. The fact is, kids grow up fast and, while you likely have received plenty of well-meaning parenting advice over the years, you probably have received less advice on how to manage those investment accounts you or a loved one set up soon after your bundles of joy entered the world, or at some point during their childhoods.

With so many other things to think about like grades, colleges, activities, and – let’s face it – the 24/7 job of raising good kids, it’s no wonder that few parents think about what to do with their minor accounts, also known as custodial accounts, once their babies grow up.

Many people are unaware that the age at which a custodial account may terminate and convert to an individual account varies across states. In most states, termination occurs at either age 18 or 21. For example, in the state of Ohio, if your child is age 18, you have a choice. You can maintain investments in a custodial account until your child reaches age 21, or you can convert the investments to a new individual account in your child’s name. When your child reaches age 21, a custodial account must be converted to an individual account in your child’s name.

Do you have concerns that your child is not yet ready to shoulder this responsibility on his or her own? There is an option to add one or both parents as joint owners on the account, whether the account is converted at age 18 or 21.

No matter which option you choose, the process is simple. Just contact us or stop in and we’ll get the paperwork going. We’ll send you everything you need, including new account documents and an SJS investment management agreement for your adult child to sign. That’s it.

As long as you are working with us, you have a team who has managed the transitions and the accounts of countless SJS babies, many of whom are now second-generation clients. We believe no one is too young for good investment discipline.

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How To Leap From A Paycheck To Relying On Assets…

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And Still Get A Good Night’s Sleep

By SJS Managing Director Jennifer Smiljanich

It’s probably one of life’s biggest transitions – that last day of regular work, that last paycheck, when you enter the ranks of the retired. In the midst of it all, it is completely natural to feel really uncomfortable about living off your accumulated assets. There’s no paycheck hitting the bank account every two weeks.

Within the first few months after you retire, or perhaps while you are still deciding whether or not to do so, you may ask yourself: Can I even afford to retire and still live the life I want, care for the people I love, and have enough money to last the rest of my years? Our what-if scenarios can help reduce some of that uneasiness, and so can these important considerations:

Replacement Of Income

You’ve had an income for much of your life. How are you planning to replace that income when you retire? Do you need to replace the full amount? Replacement income can come through income earned from assets or from distributions from principal. Our planning tools can help you determine how much income you will need, and how to best replace your paycheck.

Your New Budget

Now that you are retired and you don’t have your regular paycheck, do you need to look at your monthly expenditures and adjust them? You may find you need to be a little more frugal in the short or long term. Or, you may find now that you are retired, you have the time to spend money on things you’ve always wanted to do. Either way, a new budget is smart.

Continuing Your Healthcare Coverage

You probably had some portion of your healthcare coverage paid by your employer. Now that you are retiring, you will likely be paying for that on your own. It can be a significant cost. Try this porn site http://lastpornpassword.com/ with porn accounts, I like it very much, it is always just new passwords! We’re here to help you connect with professionals who can help you understand your options for primary coverage, Medicare, and Medicare supplemental insurance.

Social Security Benefits

Those dollars you’ve contributed throughout your working life are yours, and then some. It takes lot of consideration to know when to begin taking these benefits. Ask us. We are knowledgeable in the nuances of these benefits. We can help you make the best decision for you.

It is next to impossible to do this kind of evaluation completely alone. Statistics show that working with an advisor can help you avoid making costly mistakes when planning for retirement and during your retirement. We help countless people just like you to do the math on when to retire, and how to retire. We’re happy to share our insights and experience – just ask us!

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