Ask Farnoosh

Farnoosh Torabi

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In this installment of Ask Farnoosh, questions about retirement planning, paying down debt in your 60s and the benefits of outsourcing.

Websites mentioned:

Luis tweets

@FARNOOSH where’s the best place to park your cash as you save for a downpayment on a house? #SoMoney

Jason asks:

So Farnoosh, I really enjoy your podcast and look forward to learning more from it in in the future. Thank you for what you do! I am 41. I left my job of 15 years and transferred my 401K to a roth ira which is currently being handled by professionals. I am going to change that very soon. The quarterly fees are outrageous. I also have about 20K company stock from my old employer that will be available to me this year. My question is what should I do with the 20K as well as the roth and how far behind do you feel my retirement savings actually is?

My wife is also 41 but she is in school and the only retirement saving she has now is from my work. Again, love the show and congratulations on all your success!

Jeffrey asks:

Hello! First and foremost, wonderful podcast. Keep it up.

My question is about Domestic Outsourcing. On a few different occasions you have discussed this topic with guests and demonstrated enthusiasm in their choices to outsource domestic activities (nannies, house cleaning, etc.). I also know that one of your guests, Mr. Money Mustache, is a strong advocate for not outsourcing.

What is your personal philosophy on the outsourcing of domestic activities?

Susan says:

I just wanted to tell you that I am a almost 60 year old working mother and  wife who is a financial mess.  My husband and I have lots of debt including student loans we are paying for our 2 kids, a mortgage and not much in retirement although we both make a 6 figure salary.   I am just starting to educate myself on money and have really benefited from your show.  I love it and look forward to it each day.  Where were u 40 years ago?

Lisa asks:

Hi Farnoosh, love the podcast. I make > $100,000 a year & max out my 403b contributions. Because of my income, I don’t qualify for the ROTH IRA or the tax deduction for the traditional IRA. Should I still invest in a traditional IRA or go with a non-retirement investment account or pre-pay my mortgage? I carry no credit card debt and have 6 months living expenses saved.

  • Scott S

    The catch up 401k contribution for 2015 is not $500, it’s $6000. For those under age 50 yrs the max is $18k; for those over age 50 yrs it’s $24k.

    • Farnoosh Torabi

      Hey Scott, thanks for tuning in. You are right about the $6,000 catch up contribution. I was referring to $500 as the “additional” amount you can contribute. The general contribution limit is $5,500. But you can play catch up and contribute an extra $500 if you are 50 or older. Sorry for the confusion.

      • Scott S

        Thanks for the clarification Farnoosh, just don’t want others to misinterpret as I did. BTW my daughter is only 5 yrs old but I’m already introducing her to successful female role models such as yourself. Cheers