You Asked, We Answered

Our readers sent us their burning financial questions… We asked SunTrust experts for answers. Here’s what they had to say:

Q: I have fantastic credit and have always paid every bill on time. I am now on my husband’s credit card and other accounts. Is this OK?

A: Under current regulations an applicant for a credit card must have their own income, so if you’re considering not working, it would be preferable to get a card in your own name now.

Felicia Speetjens, managing director and SVP, SunTrust Bank, SunTrust Investment Services, Inc.

(Read more here!)

Q: I want to work with a financial advisor who will not try to sell me a product but rather, help me create a plan. Is there such a thing?

A: Yes. You want to hire a Certified Financial Planner™ to whom you can pay a fee (typically $500- $7,500 depending on the complexity of your situation) to complete a review of your current financial situation.

Brooke West, private financial advisor, SunTrust Investment Services Inc.

(Read more here!)

Q: I am retiring in 6 months, I would like to retire “debt free” and I have a few “bills” I might not be able to pay off before then. Would it be beneficial to tap into my TSP savings plan (government’s 401k) to pay every bill off before retirement?

A: Consider the interest rate on your credit cards, the earnings rate on your investments and the income taxes and penalties you may incur by withdrawing from the TSP. Of greatest importance will be to not incur the debt again once you are retired.

Felicia Speetjens

Bonus PINK Link: Read our online exclusive for complete answers.

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“A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life.” Suze Orman