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Kent Michael Klingshirn

We are a fiduciary investment firm practicing in Medina, Wayne, Cuyahoga, Summit and Stark counties

Klingshirn Investment Advisors, LLC
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Medina

OH

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Employer Years Dates
Self Employed Independant Insurance Agent 19 years, 5 months Nov 2000 - Present

Designations & Memberships

  • Retirement Income Certified Professional
    Designation
    Retirement Income Certified Professional
    The American College created the RICP to prepare financial advisers to help customers make sure their nest eggs last and have greater peace of mind during a retirement that could be decades long. It focuses on topics like how to convert your savings into steady retirement income, choosing when to claim Social Security and company retirement benefits, addressing health and long-term care and more.

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I recently retired. Five months before retiring, as a part of a diversification process, I sold stock from my 401k.
I think your specific question was related to the much larger amount of stock still within the plan. You sold the small amount of stock while still employed so that will not affect the status of the remaining stock still within the plan. Once you retire and decide to sell the remaining stock be sure...  (more)
Answered Feb 2014
Will an annuity carrier accept an Inherited IRA transfer from a brokerage account?
Yes, Anthony the insurance company will accept a direct transfer from a brokerage account. You will have to move the IRA into cash, which will not be a taxable event since the account is tax deferred and then the cash is sent to the insurance company. You will then have to take RMD's out each year. ...  (more)
Answered Apr 2014
How much can I contribute to an IRA? I just turned 50 years old.
The other thing to keep in mind is you must make the contribution by 4/15/2014 and designate it as a 2013 contribution. Doing it this way will allow you to contribute again in 2014. ...  (more)
Answered Feb 2014
Which ONE of the 5 highest yielding DOW 30 stocks (currently) would you recommend and why?
I wouldn't recommend any of them. With stocks at such high current levels I recommend going to cash and waiting for the chance in the near future to pick up blue chip stocks at a fraction of the current market....  (more)
Answered Feb 2014
Money withdrawn from an IRA put back in too many times??
You will receive a 1099 for the withdrawals. Only 1 withdrawal can be rolled over (deposited back into an IRA) within 60 days. The remaining amounts will have to be reported as a taxable distribution. Rollovers can be tricky so I advise you contact an advisor before withdrawing qualified funds. ...  (more)
Answered Feb 2014
In a QDRO which I'm 100% entitled to the 401K assets, how much will I be awarded if my ex-husband was only 20 % vested?
Hi Akemi, if the terms of your QDRO stipulate that you are to receive 100% of the 401(k) you can still only receive the vested portion of the companies contribution plus the amount contributed by your ex. You will need to contact the plan administrator to get the exact amounts....  (more)
Answered May 2014
Can I make a spousal IRA contribution to an IRA my wife set up as an individual while she was working?
It seems that there is a bit of a discrepancy in the advice offered regarding eligibility from an AGI standpoint. Mr. Huntley has the correct information while Mr. Kring is using the AGI assuming "both" spouses are active participants in an employer plan. In the situation you described only one spou...  (more)
Answered Mar 2014
Can you start SSN for a year, then stop it and earn more credits for waiting.
You can "withdraw" your application for benefits but it must be done within 12 month of qualifying for benefits. If you take that route you must repay any and all benefits received. At that point you would earn credits for waiting. It sounds like you may be beyond the 12 month timeframe. At that poi...  (more)
Answered Mar 2014
Can I rollover a Roth IRA to a Roth CD without penalties?
Depends, when you say without penalties you first need to determine if the current IRA custodian will charge any penalty for moving the funds. For instance an IRA annuity could have surrender charges or a brokerage account could charge fees for liquidating an account. There are no penalties or taxes...  (more)
Answered Apr 2014
I recently learned that a distant relative left me a cd valued at around $6000. I would like to invest it.
Hi Vanessa, it's absolutly true that in order to give you personalized financial advise an advisor would need to know more about your specific situation, however based on your question here are my thoughts. You won't owe any taxes on the inherited CD. If you are eligible open a Roth IRA. If you inve...  (more)
Answered Apr 2014
Money Lost in a Traditional IRA 's and Inherited non-spousal IRA's?
I really hate to see people loose money in their retirement accounts and feel bad that you lost yours. I'm assuming you took control and lost money trading on your own. Since these were IRA's there is no way to claim losses because taxes are paid upon withdrawal (since you have less to withdraw you ...  (more)
Answered Feb 2014
Permanently laid off. company relocated out of state.
Hi John, Sorry to hear about the loss of employment. Your employer should have vesting requirements that have to be met in order to collect a defined benefit pension. Assuming you meet that requirement there would not be any tax penalties just because of your age. The pension you receive will be ta...  (more)
Answered Apr 2014
Can I Use My 401k To Buy A House?
The answer is more complex than a yes or no. You didn't mention your age, if you still work for the company, if you are 100% vested, and your income. Without all that information it's impossible to give you a recommendation, but the short answer is you can do whatever you want with your money - you'...  (more)
Answered May 2014
Permanently laid off. company relocated out of state.
Hi again, there are different withdrawal rules for IRAs, 401(k) and defined benefit plans. The age 59.5 applies to IRAs, for 401(k) the age is 55. For your DB plan you have to have a certain amount of years combined with a minimum age requirement typically 55. Since you are 56, severed from employme...  (more)
Answered Apr 2014
After leaving my company how do I get my 401K out to roll over into another plan?
Hi Michael, For many people paperwork and forms are a major pain. I noticed you are in the Massillon, Oh area. I do a substantial amount of work in that area so if you want to contact me I can help you. Thanks...  (more)
Answered Apr 2014
The Thrift Savings Plan charge fees of 0.025 per $1000. How often is that fee assessed: daily, monthly, yearly?
The fee is annual and is specific to the Fund. For 2013 the G fund was .027, F fund .039, C fund .029, S fund .026 and the I fund .029. The reason these fees can be so low is they are offset by the forfeitures of Agency Automatic 1% contributions of FERS employees who leave Federal Service before ve...  (more)
Answered May 2014
Where do I find the do it your self section?
Hi John, this is a site where you can ask questions and have financial advisors respond. It's not set up for self help....  (more)
Answered Mar 2014
Is putting your money in a universal life insurance with cash value the most efficient way to save for retirement ?
I take a different view on cash value life insurance. It can be a very effective place to build retirement assets which can be accessed tax free by borrowing against the policy. In my opinion a retirement strategy should include tax exempt and tax deferred savings. Not every employer offers a Roth o...  (more)
Answered Apr 2014
What is average company contribution to a 401K plan?
Hi Daniel, typically a company will limit the amount of their contribution into the 401(k) based on the amount you contribute. If you contribute say 3% of your pay the company may match your contribution up to a limit. In this area a typical match is 3 - 6% as the other advisors have stated....  (more)
Answered May 2014
Not working for company anymore can i cash out?
Once you sever employment you can cash out your retirement plans, however depending upon your age, type of plan and length of employment you have several items to consider. If the employer matched any of your contributions there may be a vesting period for those contributions, if you are under 59.5 ...  (more)
Answered Apr 2014
How do I cash out my 401k?
Hi David, The first question is are you still working for the company that holds the 401(k) or have you severed employment? The company will have some rules if you are still working. Either way contact the HR department and ask for the necessary forms. Keep in mind issues such as vesting, penalties ...  (more)
Answered Apr 2014
Self directed 401k w checkbook control? Where do I set one up? How do I fine the best company to help manage IRS stuff?
Hi Kathy, I'm assuming you are a business owner and want to start up a 401(k) for yourself and any employees. If that is the case you should contact a local financial planner that works in the small business pension market. ...  (more)
Answered Jun 2014
Can I withdraw from a cash balance plan without leaving the company?
Your employer may allow you to transfer the funds to an IRA, you need to check with HR and check what the policy is for transfers....  (more)
Answered Jun 2014
My client withdrew from one of his 401Ks, and then put it into an SP account how do I enter this on his tax return?
A 60 day rollover requires that the money be rolled over into another tax deferred plan. He will still receive a 1099R and report that on line 15a of his federal tax form. Then on line 15b he will report the taxable amount of the distribution. If he rolled over the entire amount of the distribution ...  (more)
Answered Apr 2014
I have a pension through my employer, should I also invest in an IRA or Roth IRA, or invest in individual securities since my risk tolerance is a bit higher than an average pre-retiree?
Does your pension give you a COLA increase and do you contribute to SS. These are important items to consider when deciding Roth v Traditional....  (more)
Answered May 2014
170K annuity for MIL, 77. Take 1650/10 yr, or 1150/10 yr + lifetime? Can lock @ 3%. Take 10/yrs, or 10 plus lifetime?
The real question that no one can answer is " how long is MIL going to live"? If we knew that then we could calculate the best option. Without that information we have to make assumptions based on other factors that May or may not be relevant....  (more)
Answered May 2014
    *Answers are submitted by advisors without compensation.

    Licenses & Conducts

    SEC
    U.S. Securities and Exchange Commission
    • license status
      Registered
    • disclosures
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    • as of date
      Jan 26, 2020
    FINRA
    FINRA
    • license status
      Not registered
    • disclosures
      None
    • as of date
      N/A
    Review the status and details of the disclosures noted above using the SEC's Investment Advisor Public Disclosure website:

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    Klingshirn Investment Advisors, LLC

    Last updated on Jan. 15, 2020
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