• Oops!
    Something went wrong.
    Please try again later.

Saturday Morning Extra: Goldstone Financial Group discusses IRA, 401K plans

  • Oops!
    Something went wrong.
    Please try again later.

Goldstone Financial Group, with locations around the Chicago area, focuses on building clients a holistic investment plan.

Video Transcript

- This "Saturday Morning Extra" is paid for by Goldstone Financial Group.


RYAN CHIAVERINI: Good morning, and welcome to "Saturday Morning Extra." I'm Ryan Chiaverini. Well, do you have an IRA or a 401(k)? You want to think of this as your money, but it's really a joint account between you and the IRS. Here to talk about it is Anthony Pellegrino, of Goldstone Financial Group in Chicago. And they've been featured in "Forbes" and "The Wall Street Journal," and they've been recognized as a five-star wealth manager in "Chicago Magazine" three times. Anthony, always good seeing you.

ANTHONY PELLEGRINO: Hey, Ryan. Thanks for having me back on.

RYAN CHIAVERINI: Now, is it true that people could be paying far more in taxes on their IRA and 401(k), far more than they even know?

ANTHONY PELLEGRINO: Yes, Ryan, you are spot on. People could be paying a lot more in taxes in your retirement accounts than you realize. Because, remember, you've been contributing to your IRAs and 401(k)s for years, but haven't paid, you know, a single dollar in taxes on this money. Now, Uncle Sam wants his cut, but how and when you withdraw money from your IRAs and 401(k)s could have a huge impact on how much you pay in taxes versus how much you get to keep in your own pocket. So if you don't take some defensive steps to protect yourselves now, the money that you're counting on to help pay for your retirement could be a fraction of what it is today.

RYAN CHIAVERINI: Now, how can our viewers save money in taxes with these accounts? Because everybody wants to save money.

ANTHONY PELLEGRINO: Absolutely, Ryan. It really boils down to the difference of tax planning versus tax preparation. Now, most Americans, Ryan, they prepare and file their taxes every year with their accountant or CPA. But aside from a few deductions they save a few dollars on, they're really just reporting history on what's already happened, right? It's in the past. It's kind of like driving your car looking out the rear view mirror. That's what's behind you.

Well, we're looking right out your windshield of what's in front of you, what's ahead, and we're taking action, you know, before things happen. Now, the way that you could save a lot of money in taxes in retirement is to start doing some tax planning strategies for what's ahead of us. And you have a short window of opportunity right now that could mean a significant tax savings for you.

RYAN CHIAVERINI: Right, tell us about the opportunity right now.

ANTHONY PELLEGRINO: Well, Ryan, there's a perfect economic storm that, you know, it's a combination of the stock market having a major downturn, along with the lowest tax rates in over 40 years. And when you add those together, it creates a tremendous opportunity to help you save a fortune in taxes on your IRAs, 401(k)s. Ryan, I'll give you a quick example. We recently helped a local couple from the suburbs of Chicago, came in to visit with us. And with some defensive tax planning, the result could help them save $238,605, to be exact, in taxes with their retirement accounts. But that's the impact that tax planning could have on your nest egg.

RYAN CHIAVERINI: More than $238,000, it'd go a long way in your retirement.

ANTHONY PELLEGRINO: Long way. But, Ryan, that's just one of many examples. The savings could be substantial. I mean, you could save tens of thousands, if not hundreds of thousands of dollars. And we see tax savings like that all the time.

RYAN CHIAVERINI: All right, so how can our viewers watching right now take advantage of these tax planning strategies?

ANTHONY PELLEGRINO: Well, we'll show your viewers exactly how much money you could save with our retirement account analysis. And here's how this works. We gather some basic information from you right over the phone, on a phone call or a Zoom meeting just like this. And with this free analysis, we're going to show you the defensive tax planning strategies that could help you save a small fortune with your IRA, 401(k), and other tax deferred accounts, just like the example I just gave of that other local couple.

Now, Ryan, here's the thing. Some advisors charge thousands of dollars for a customized analysis, and many others don't even offer this. But we're going to cover 100% of the cost for the first 20 qualified ABC viewers who call us today. Now, I'd love to do this for everyone. But for the sake of time, it's just not possible. You know, give us a call to schedule your retirement account analysis now. Our team is standing by to take your call.

RYAN CHIAVERINI: All right, Anthony, let's recap. Do you have an IRA? Do you have a 401(k)? Learn exactly how much money in taxes you can save with a free retirement account analysis from Goldstone Financial Group. This can be done over the phone or done through a video conference. To get this free analysis, if you've saved more than $250,000, be one of the first 20 callers now at 630-934-1584. That's 630-934-1584. Anthony, great information. Thanks for joining us again.

ANTHONY PELLEGRINO: Hey, my pleasure, Ryan. Great seeing you.

RYAN CHIAVERINI: All right, for "Saturday Morning Extra," I'm Ryan Chiaverini. Until next time.