General comments from Glenn Wiggle

Clearly we are in historic times and the economy if facing a financial crisis. We are not out of the woods yet, but we have been through difficult times in the past and the stock market has always gone on to higher ground. The key thing that people should remember is that if you are going to invest in the stock market you should make sure you maintain a fully diversified portfolio and that you have a long term time horizon. The most successful investors are those that invest for the long term, maintain a consistent strategy, and that invest systematically through things like their 401K plans.- Glenn Wiggle

5000 in saving

You may want to consider a CD structured as a Transfer on Death account or TOD. Almost all banks will waive CD penalties due to death so you shouldn't need to worry about your son having access to it. You could also consider Fixed annuities or govt. bonds. This is assuming you want a farely riskless investment. - Glenn Wiggle

Hi ellez: It's usually best to contribute as much as you can to retirement plans: They are tax deferred. Just make sure your investments within the plan are adequately diversified and keep tabs on the performance. Regarding your cash, the bank where it's placed is important. By spliting into various accts. you can increase coverage. The government is looking into increasing FDIC limits. -RL

Deferred Comp

I think you need to figure out when your going to need to start drawing money from your deferred account and what that amount is. Even though your retired, you're only 52 and will have a long time to make this money last. I would seek professional advice to do some homework. - Glenn Wiggle

Heather in Hamburg

Great question. Given that your only 41 years old and likely won't access this money for 20 years I would continue to contribute to the equity funds that you have been contributing too. If you are able to, you can even increase your monthly investment. With a 20 year time horizon, you should look at this as a 20% off sale. - Glenn Wiggle

Purchasing new home in this economy gets tricky, but you seem to have your bases covered - adequate down payment, etc. Just remember, a home is a long term investment and your shelter. Given current economic environment, prices (depending on location) may drop before they go back up! -RL

Tony

Alot obviously depends on your time horizon and your tolerance for risk as well as what Vanguard fund that you're in. Who profited from your loss, probably no one as the market lost over 1 trillion in value. - Glenn Wiggle

Credit Unions are added banking outlet. Have many of same regulations and protections that banks have, but check there record first, not all have same requirements. Sometimes you can get better rates. Rosemary

Furious

What I can tell you is that if you have a long term time horizon this presents an opportunity. Of all the 10 year blocks of time from 1928 to 2007 the market has been positive 99% of the time over that 10 year period. Am I biased, of course. But if you don't want to listen to me, follow Warren Buffet who made a 5 Billion dollar investment last week in Goldman Sachs. - Glenn Wiggle

Hi John: Income producing real estate can be good long-term investment, but make sure it is good value, good location, not over mortgaged AND you must know something about real estate. It's also good to be handy in repairs. Rosemary

For or against the Bailout

I am for some sort of bailout. I'm not sure this is the right approach but they need to clean the balance sheets of our financial institutions to free up capital. In my opinion, the root cause of the problem is the original Community Reinvestment Act passed by Jimmy Carter in 1977, then supercharged by Bill Clinton in 1993. This is the result of the govt. being too involved in private industry by pushing Fannie Mae and Freddie Mac into the subprime mortgage business. In July of 1999 the Dept. of Housing and Urban Development told Fannie and Freddie that they wanted 50% of their mortgage to be subprime by 2001. These are Govt. Sponsored Enterprises that the govt has a tremendous amount of control over. But not passing some sort of bailout would have severe consequences to our economy. - Glenn Wiggle

Hi Dana, It's always good to max out your contribution in 401K first . . . then look into other investment vehicles like: good quality annuity - it's tax deferred and dividend paying stocks - try to reinvest dividends for added growth. Rosemary

Paul - Paying down mortgage early

I don't think it does make sense. Especially if you have a low interest rate. Credit will likely be more difficult to obtain in the future and if you lock your equity in your house you may not be able to access as easily as you have in the past. We usually advise our clients to keep the write off of the mortgage interest and invest the difference either by increasing contributions to your 401k or funding an IRA account. - Glenn Wiggle

Hi Lily - Given the ensuing holiday season - inventories might me overstocked. So good time to "make a deal" - also look into used items. But remember, if you don't need it, don't buy it! Keep debt low to none. Rosemary

Jeff- changing percentages

Jeff I like the way you're thinking. If you have a long time horizon until you need the money taking the opportunity to buy stocks cheaper here by reallocating to increase your stock exposure may be a good idea. Obviously don't exceed your tolerance for risk. Remember focus on the things you can control and you'll be more successful. You can't control the market but you can control you allocation. Good luck.

Buffalo Bill

I wouldn't make any rash decisions here. Alot obviously depends on the time you have until retirement. But pulling everything out of your 401k could create penalties and definitely will create a tax consequence. Depending on your age and tax bracket you may end up paying 40% or more in penalties and interest. - Glenn Wiggle

Hi Genevieve,
Until we getting our financial footing, I would stay somewhat more conservative - i.e.: look for stocks w/solid div. & growth in secure areas. Also, look into annuities and ETF. Treasuries - shorter term - work here. Thanks for your ques. Rosemary

TIAA Cref Accounts

Thanks for the question. In short neither the TIAA or the Cref is insured through the FDIC as a bank account would be. However, the TIAA part is an insurance contract and in NY is a very safe investment. It has it's own type of guarantee through the NYS Insurance Dept. The Cref part of your portfolio is going to fluctuate with the market depending on the type of investments that you have chosen. -Glenn Wiggle

Financial Q&A

Sept 30th at 5pm on News 4...

WIVB.com will host 2 local area financial experts who will be at this blog to answer News 4 viewers' questions and answers about the recent financial situation facing them and the country.

Just logon and post your questions in the comments below and WIVB's experts will answer.

Here are some useful links for some of the frequently asked questions that are coming in:

Auto Bureau Locations- http://www.erie.gov/depts/government/clerk/autobureau_locations.phtml

NPIC (National Passport Information Center)-
http://www.travel.state.gov/passport/about/npic/npic_898.html

Official County Directory of Public Officials-
(here you can search for your local town/village/city clerk)

http://directories.erie.gov/officialdir/

do you have to get a enhanced liscense or can you get a normal liscense



The EDL is optional, but just be aware that beginning in June 2009, you'll need either a passport or EDL to return from Canada, Mexico or Caribbean.

My husband no longer has a drivers license since he surrendered his after suffering a stroke. Will he be able to get an ID card similar to the one he has now that he can also use as ID at the airport.

Your husband would be a great candidate for the Non-Driver EDL and use that for travel back into the US from Canada, Mexico and Carribean. Just be sure to review the additional requirements he needs from www.erie.gov/clerk, click EDL icon. Good luck!

When and how do they conduct the interviews?Is done that day or later??thankyou!

No interviews needed, your paperwork will be reviewed by our cashiers and signed off on by a supervisor. Just make sure you have everything you need before you visit us. www.erie.gov/clerk, EDL icon.

Can the enhanced license be used to enter into Canada. Last week a customs inspector claimed the NYS Enchanced Drivers Licenses cannot be used to enter Cananda. Only entry into the United States.


I don't believe the Customs office is correct on that one; but I'll check into it. The government in Canada has been working hand in hand with our NYS DMV and they are looking forward to the EDLs as well as a way to keep the much needed flow of commerce between our countries running smoothly.

my mom is 86 and does ntnot drive but has a NYS ID can she get this Enhanced drivers license and what does she need to bring with her to DMV. She can use this to go back and forth to Canada right?

She sure can. All of the necessary requirements are listed if you click the EDL icon on the Clerk's Office homepage. Hopefully your Mom has her original birth certificate; that's a problem sometimes for our older customers. Have her come to the Cheektowaga Office or ECC South...we have nice seating areas so she won't have to stand in line.

Is there something that we could get for our children, ages 4 months, 5 and 7 years to make crossing border just as easy for them as the enhanced license will be for us?


Yes, we take great baby photos! Come on in, but believe or not, you do need the Social Security card for the kids as well. A word of advice...downtown office isn't too crowded first thing in the morning 8:30am usually Tues/Wed or Thursday. Might be good days to bring the kids down, or Saturday in Cheektowaga if your 7 year old is in school.

I understand you need your original SS card to apply. Any other options or do I need to apply for a replacement if I've lost mine?

You and me both. I wanted to apply for my EDL today, and couldn't find my SS card either. I'll be heading to the Social Security office on Exchange St. to apply for another one. The equipment we have will only accept originals. Other offices are listed in the phone book. Sorry about that one.

Do they use the same picture as I have on my license? I've lost a lot of weight and I don't even look like that anymore.

Hi I only have a copy of my birth certificate,will I be able to use the copy of my birth certificate to obtain the enhance drivers license---thank you


Unfortunately, the document scanning workstation from the NYS DMV will only accept originals. If you were born in the City of Buffalo, visit the City Clerk's Office for another birth certificate (or the easy to handle Birth Certificate Card), or visit the Town Clerk in the Town where you were born. Good luck.

Hello kathy, Iam a school Bus driver and i go to canada like every other weekend for charters, my License expires in 2011. I guess I will have to pay an extra $ 30.00 thats ok with me, but what else can I use for proof of Residency, besides a Tax bill or credit card statement.Cheekman69@aol.com

Just visit our website, www.erie.gov/clerk, and click the EDL icon on the homepage and you will see about 30 options for you to prove residency, in addition to the proof of citizenship and identity you will need. Hope that helps!

What if my license isn't up for renewal? Does it end up getting renewed when I get the enhanced license? Do I have to pay the full fee, if it isn't up for renewal?

"If a person (disabled) has a New York State non-driver's license, can they get an enhanced non-driver's license? Hopefully there is such a thing! Thank You"


You certainly can. Just bring in the requirements that are listed on the website, www.erie.gov/clerk, wait a week or two to avoid long lines, and we'll be happy to take care of you.

"How long after the application process, does the actual enhanced license arrive in the mail?"

You will walk out of the auto bureau with a temporary paper license; the new photo license will take 2-3 weeks, just as a regular license does.

"OK, so I get an enhanced drivers license. What about the other people in my vehicle? Wife, kids? etc.?"

Right now everyone in your car needs to have an original birth certificate and photo ID to return from a trip to Canada. Beginning in June 2009, all passengers over age 18 will need either an EDL or a passport. Children until 18 still need to have a birth certificate, but for $10 plus the $30 EDL fee, you can get a Non-Driver ID card for the kids. I recommend this option; it's great for airline travel for kids as well when airport security asks everyone for photo ID for the family vacation. Be sure to check out our website for the requirements http://www.erie.gov/depts/government/clerk/pdfs/EDLs.pdf

"Hello, My drivers license doesn't expire until 2012. Do I lose those years that I still have left and pay what ever the cost is, (extra $), for the Enhanced License? Also, what is the extra cost? And will it be good for 8 years like my current license?
September 16, 2008 1:41 PM."

No, the good news is that you don't lose the extra years. If you come into the auto bureau, you can apply for a new EDL license that will be pro-rated so you don't have to pay any extra. To start a new eight year license, you will get credit for the time you have remaining, and then pay the difference (the computer will calculate the amount). You will also need to pay the $30 extra fee for the EDL. Be sure to bring in the proper documents so you don't waste time. Check out this link http://www.erie.gov/depts/government/clerk/pdfs/EDLs.pdf for details on requirements and our locations. Note that the Mobile locations and ECC North location are unable to offer EDLS at this time. Best locations are Buffalo and Cheektowaga. Good luck!

Does a passport card work like a passport---if so, why wouldn't I chose that over an enhanced license? Cost?

A regular passport is needed for any international travel, eg to fly to Europe. A passport card is limited to the same use that an EDL is- land and sea travel back from Mexico, Canada and the Caribbean. Cost is $45, good for ten years. Since you need to have a license anyhow, it is considered a good option to have the multi-use license instead, but that is a personal choice. For info please check out our site at www.erie.gov/clerk, and click the EDL icon.

passport card vs. enhanced license

Does a passport card work like a passport---if so, why wouldn't I chose that over an enhanced license? Cost?

Enhanced Drivers License Q&A

Here, WIVB and Erie County Clerk Kathy Hochul answer your questions about New York State's new Enhanced Drivers License which are now available.

Post your questions in the Comments and Kathy will give you an answer.