Press Release: January 05, 2021
Chicago, Illinois- January 5, 2021- Millions of Americans have unexpectedly found themselves hitting retirement sooner than expected —thanks to a global pandemic. This has brought up questions for individuals and families as to how to better plan for the future. Anthony Pellegrino, Founder of Goldstone Financial Group, added tremendous value to the topic of growing and preserving wealth even during economic downtimes such as these.
Featured in prestigious publications like Forbes and The Wall Street Journal, Anthony Pellegrino talks about forced retirement. He offers up three key factors individuals should be doing right now to safeguard their retirement spending and save money. The first insight discussed was taxes.
Right now is an incredible time to save money on taxes, with rates at their lowest in forty years. Those who haven’t yet created a retirement strategy, such as an IRA, can take advantage of saving a bundle on taxes. What’s even better is taxpayers are bound by the strict December 31st deadline. Individuals can create and fund pension plans or IRAs anytime before filing taxes.
Mr. Pellegrino had this to say, “If there were ever a year to take advantage of tax-loss harvesting, 2020 is that year,” on funding retirement accounts in a year where there were massive drops and quick recovery. He goes on to say, “There are plenty of people who are in a zero-tax bracket for long-term capital gains which do not realize it. They may be able to ‘recognize’ gains on taxable investments without paying income tax on the progress. Given that the tax laws are likely to change in the future, never waste an opportunity to use a zero-tax bracket.”
The second tip suggests a reassessment of risk. Individuals should ask how much risk are they willing to take? Depending on age, it might be a better time to scale back on risky investments and be more conservative. While for others, a long term investment strategy, including greater risks, might be a more fitting solution. In his interview on WLS TV, Mr. Pelligrino added, “now is a great time to rebalance your investment accounts, update your accounts, and make sure you aren’t taking on more risk than you should be.”
The last tip offered by Goldstone Financial Group is shifting focus to generating income. Those who retire with additional ways to put more money in their pocket monthly tend to have more spendable income and a better lifestyle than those that rely solely on a fixed income strategy.
Starting now with retirement planning is crucial. Taking advantage of tax strategies while taxes remain low can ultimately save an individual or couple thousands of dollars. While no one can predict another economic downturn, like the COVID-19 pandemic, taking charge and planning for the future can leave individuals in a less volatile place should unexpected retirement occur.
Featured in magazines and recognized as a five-star wealth manager in Chicago Magazine, Goldstone Financial Group is a leading Chicago based financial and retirement planning company. They offer excellent resources for individuals and couples seeking a better way to strategize for the future.