Chris Chen

Chris Chen CFP®, CDFA

Chris is a Financial Advisor. He helps clients achieve financial independence, develop a plan for retirement and understand difficult financial tradeoffs.

About Chris

“Financial planning is about goals. Investment is about risk management. Strategy is where the two meet.”

Insight Financial Strategists LLC is a boutique financial advisory firm that provides informed strategies to support your complex financial decisions.  We focus on retirement planning, purposeful investing and divorce financial planning issues.

Education

MBA, FInance, University of Texas
BA, Economics / International Relations, University of Rochester

Certifications

Designations

Registrations

Firm CRD #165125

Certified Financial Planner (CFP) is a designation issued by the Certified Financial Planner Board of Standards

Educational/Exam Requirements:

  • Completion of CFP-board registered study program, or alternative degree or certification, demonstrating mastery of over 100 topics surrounding financial planning
  • Pass 10 hour exam testing knowledge in financial planning situations

Prerequisites/Experience Requirements:

  • A bachelor’s degree (or higher) from an accredited college or university, and
  • Three years of full-time personal financial planning experience

Public Disciplinary Process? Yes

Continuing Education Requirements: 30 hours every two years

Certified Divorce Financial Analyst (CDFA) is a designation issued by the The Institute for Divorce Financial Analysts

Educational/Exam Requirements:

  • Self-study course consisting of four modules
  • Modules 1-3 end with multiple choice exams, module four concludes with a case-study exam

Prerequisites/Experience Requirements:

  • Three years of experience as a financial professional, accountant, or matrimonial lawyer

Public Disciplinary Process? Yes

Continuing Education Requirements: 15 divorce-specific hours every two years

*Disclaimer:

No information provided on these pages is tax, legal or financial advice.  If you believe that it might apply to you, please check with a professional.


Typical Clients

Business Owners Divorcing couples People near retirement

How I Can Help

Personal Finance Retirement Investing

Fee Structure

Fee-only Hourly Commission and Fee Commission Other Contingency
Learn more about how advisors are paid in our Guide to Advisor Compensation.

Chris In The News

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Contact:

Phone: (781) 489-3241 Address: 271 Waverley Oaks Road Suite 102
Waltham, MA 02452
bostonfinancialplanner@gmail.com

Chris has answered 545 questions

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Chris Chen
Answer added by Chris Chen | 9832 views
16 out of 16 found this helpful

Honestly, what's wrong with keeping your 401k or rolling it over into a IRA, and hold it there until

more »

Honestly, what's wrong with keeping your 401k or rolling it over into a IRA, and hold it there until you retire in India?  It will have grown and you will have a nice nest egg.  You can then withdraw it for your retirement.  You can plan to withdraw enough not to incur income tax in the US, although you may have to deal with taxes in India.

One other possibility is to roll over your 401k into a IRA and take substantially equal payments until 59 1/2.  That would avoid the 10% penalty, and if the distribution is small enough, your income tax won't be very high.

The downside in both cases is that although your tax home will be India, you will have to file taxes in the US for the distributions

The other issue is that the larger institutions often have policies preventing them from holding accounts for foreign nationals living abroad, so you will have to find a suitable institution that is able to handle the account.  Let me know if you need help finding one.

I cannot speak to the tax consequences in India, although the tax treaty between the US and India provides that US income taxes paid by residents of India can be used as a credit against Indian income taxes.

Chris Chen
Answer added by Chris Chen | 17349 views
26 out of 30 found this helpful

Actually, since you are past 59.5, there is no penalty for a withdrawal.  However, you will

more »

Actually, since you are past 59.5, there is no penalty for a withdrawal.  However, you will have to pay income tax on it.  From your question, you are still employed which means that you might end up paying high taxes on your withdrawal.
The other issue with a withdrawal is that it would be hard to make up for the lost compounding in your account, and would end up reducing your retirement lifestyle.
You did not mention a 401k at your current employer.  Assuming there is one, you would be well advised to contribute there.  You could also roll over your former employer's 401k into your new employer's 401k.  Then, assuming your new employer's 401k allows for employee loans, you could borrow the $35K.  There is no tax impact for a loan.  You would have to pay it back, but it would be like paying it back to yourself. 
Then put the credit cards away!
Good luck!

Chris Chen
Answer added by Chris Chen | 12454 views
4 out of 4 found this helpful

You definitely need two accounts. You have up to April 15 to contribute for your 2013 IRA.  You

more »

You definitely need two accounts. You have up to April 15 to contribute for your 2013 IRA.  You may want to consider contributing your for 2014 at the same time as you contribute for 2013.  That would allow you to contribute $11,000 per account in this calendar year

Chris Chen
Answer added by Chris Chen | 365 views
3 out of 3 found this helpful

Squawbox and similar shows are entertainment.  In the financial world we all learn about the efficient

more »

Squawbox and similar shows are entertainment.  In the financial world we all learn about the efficient market hypothesis.  Some of us believe in it more than others.  In a nutshell it says that the price of a stock reflects all available information, and thus fairly represents the value of the stock.  There is a large set of academic study that support that notion especially when it comes to public information.

Anything they would say on a TV show would be public and reflected in the stock price faster than a non professional could act.  So the answer is

NO


Chris Chen
Answer added by Chris Chen | 458 views
3 out of 3 found this helpful

That would be a gift on which she may be liable for taxes.  Check with her/your estate lawyer and

more »

That would be a gift on which she may be liable for taxes.  Check with her/your estate lawyer and tax professional first.

You did not mention the rest of her finances.  One key item that comes to mind is that if she will be going into a nursing home within the next 5 years and have Medicaid pay for it, there will be a lookback.  She may not qualify then for Medicaid to pay for nursing home.  Consult an elder lawyer in your state.

Good luck!

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