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Saturday Morning Extra: Goldstone Financial Group - Learn more about Retirement Tax Analysis

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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: Welcome to Saturday Morning Extra. I'm Ryan Chiaverini. Could higher taxes on your IRA and 401(k) caused you to run out of money and retirement far too soon? Here to talk about it is Anthony Pellegrino of Goldstone Financial Group in Chicago. Goldstone has 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, welcome back. Always great to see you.

ANTHONY PELLEGRINO: Ryan, great to see you again as well.

RYAN CHIAVERINI: All right, Anthony. So first off, is it true that taxes could take a bigger chunk out of your IRA and 401(K) than most people realize?

ANTHONY PELLEGRINO: Ryan, you're 100% correct on that. And in fact, as I was preparing for our interview here today I remembered a story that happened recently I wanted to share with you. So husband and wife came into our office and they saved $2.3 million for retirement. But I could tell by the husband's comments that this was just a kind of check the boxes sort of meeting. Didn't need anyone's help.

But once we dove into the conversation, we learned that most of the couple's $2.3 million saved were in a tax deferred IRAs and 401(k)s. So they made the mistake that most people make, which is they were thinking all of this money was theirs. Right? I mean, that's the amount that's on their account statements. But remember, they still have to pay taxes when they withdraw this money in retirement.

RYAN CHIAVERINI: All right. You said this is a mistake that most people make. So there's a lot of people in this boat.

ANTHONY PELLEGRINO: Well, they were and here. They were in a situation that they had very little saved in after tax accounts, Ryan. So they were going to have to withdraw a good chunk of this money every month to live off of, which would force them into a higher tax bracket, paying even more taxes. So we ran a quick analysis for them. And when we considered how much money they needed to support their lifestyle through retirement, plus the taxes they would have to pay as they withdrew this money to live on-- get this, Ryan-- they were going to run out of money by age 76.


ANTHONY PELLEGRINO: So it was-- yeah. I mean, that was way too soon for them. And you know, it was a huge wake up call for this couple. Right? I mean, because they never really saw this coming.

RYAN CHIAVERINI: Right. So what can people do to avoid this situation, Anthony?

ANTHONY PELLEGRINO: Ryan, if you have one takeaway from our conversation today it's this. Taxes will likely play a much larger role for anyone that's retiring in the next 5 to 10 years than any previous generation. So if you don't take advantage of some defensive tax planning strategies now, you could be left with a fraction of the hard earned dollars that you thought you'd have to live on in retirement. But the good news is taxes are still lower right now than they've been in over 40 years. And if you take advantage of some of the defensive tax planning strategies now, it could literally mean a windfall of savings in your retirement account.

RYAN CHIAVERINI: So Anthony, how can our viewers learn more about these strategies?

ANTHONY PELLEGRINO: Ryan, that's why I want to make this offer just for your viewers here today. You could learn how you could significantly reduce the taxes on your IRAs and 401(k)s with a free customized retirement tax analysis. And let me just explain how this works. You know, we gather some basic information from you. Then we determine the tax saving strategies that are best suited for your specific situation. Then we'll sit down with you, go over these strategies so you can see exactly how much money you can save in taxes. And just to be clear on this, Ryan, this isn't just saving a few dollars in some simple tax deductions, these strategies could help you save tens of thousands, if not hundreds of thousands of in your retirement accounts.

We see results like that all the time. And some advisors may charge $3,000 or $4,000 for a customized analysis like this. Most advisors don't even offer something like this. But we're not going to charge the viewers who call us here today a dime.

RYAN CHIAVERINI: That's good news. Learn how you could reduce or eliminate your taxes in retirement with a free customized retirement tax analysis from Goldstone Financial Group. Goldstone has helped thousands of families throughout Chicago land plan for retirement and they can help you too. They typically work with families who have saved $500,000 to several million dollars. But for the purposes of this special offer, if you have saved more than $250,000 for retirement call to schedule your retirement tax analysis now at 630-934-1584. There's no cost. There's no obligation. But this offer is only available to people who call today. So call 630-934-1584. And remember, it's not just what you make, it's what you keep. Anthony, thanks again for joining us today.

ANTHONY PELLEGRINO: Hey Ryan, it's my pleasure. For Saturday Morning Extra, I'm Ryan Chiaverini.