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Saturday Morning Extra: Goldstone Financial Group - Could You Be Paying Even More Taxes?

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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 you be paying even more taxes when you retire? You're not going to like the answer.

Here to talk about it is Anthony Pellegrino of Goldstone Financial Group in Chicago who's been featured in "Forbes" and "The Wall Street Journal." And Goldstone has been recognized as a Five Star Wealth Manager in "Chicago Magazine" three times. Anthony, great to have you back on.

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

RYAN CHIAVERINI: All right, now say it ain't so. We could be paying even more taxes in retirement?

ANTHONY PELLEGRINO: Ryan, I'm afraid it could be true. And most people believe they'll be paying fewer taxes when they retire. And I get that because you're no longer earning a paycheck, right? But, unfortunately, that won't be the case for many hardworking Americans. I mean, look, you could be paying a lot more taxes in retirement including taxes on your IRA, 401(k), and other tax-deferred accounts.

Taxes on your social security benefits, taxes on your dividends, taxes on investment income. And, with the threat of, you know, massive tax increases just around the corner, this is a perfect storm of events that could take a significant chunk from your retirement savings. And that's money you may need to live on in retirement.

RYAN CHIAVERINI: Yeah, Anthony, I know people are very concerned that their taxes could be going up.

ANTHONY PELLEGRINO: Ryan, everyone is concerned. And this is not a problem we should just ignore. You know, between the trillions of dollars spent on economic stimulus because of COVID, and now we're approaching as a country nearly 30 trillion in total national debt. So, unfortunately, taxes must go up.

And make no mistake about it. There are a handful of new, proposed tax laws going on right now. This won't just tax the wealthy. This could impact, you know, many hardworking Americans.

And the taxes targeted at businesses, this isn't going to just be, you know, big corporations. This is going to be small businesses as well, millions of them. So Illinois is already, you know, talking about that.

RYAN CHIAVERINI: Yeah, well, I know taxes are lower now than they've been in a long time.

ANTHONY PELLEGRINO: Ryan, you're exactly right. At the moment, taxes are the lowest they've been in 40 years. 40 years. And, in fact, if you looked at what the maximum federal income tax bracket is today, it's only 37%. Do you know what the max federal tax bracket was in 1981?

RYAN CHIAVERINI: I don't, but I have a feeling that you know the answer.

ANTHONY PELLEGRINO: I do. So the maximum federal tax rate in 1981 was 70%. Now, that's nearly double what it is today. Now, look, I'm not saying that taxes are going to double and go back to 70% again. I am not saying that.

What I am saying is that the federal government has a lot more wiggle room right now to increase those taxes. So, if you're one of the millions of baby boomers that's planning to retire in the next five to 10 years, you know, these taxes could end up really putting a hurting on your retirement savings. And higher taxes could cause people to wait longer to retire or it could force you to make significant sacrifices on your lifestyle in retirement.

RYAN CHIAVERINI: So, Anthony, how can our viewers protect their hard-earned savings?

ANTHONY PELLEGRINO: Look, there is good news, OK? The good news is we do have a very short window of opportunity still open right now. So, if you take advantage of some simple defensive tax planning strategies now, it could mean a substantial amount of tax savings in your retirement accounts.

Now, that's why I want to make this special offer, Ryan, just to the viewers watching us here today. We will show you exactly how you could dramatically reduce the taxes on your retirement accounts with our Retirement Tax Analysis. And let me just explain how this works.

We gather some basic information from you right over the phone. Then, we'll determine the best suited tax saving strategies that are best suited for your specific situation. Then, we'll sit down with you, map that plan out for you, and then you can see exactly how much money you can save in taxes.

And, look, I'm not talking about just some simple tax deductions here or there. We're talking about savings that could be tens of thousands, if not hundreds of thousands, of dollars in tax savings in your retirement accounts. We see results like that here all the time. So this is not an opportunity you want to just let pass you by.

RYAN CHIAVERINI: Yeah, great info. Thanks again, Anthony. We appreciate it.

ANTHONY PELLEGRINO: Hey, my pleasure, Ryan.

RYAN CHIAVERINI: All right, learn how you could reduce or eliminate your taxes in retirement with a free Retirement Tax Analysis from Goldstone Financial Group. Goldstone typically works with families that have saved between $500,000 and several million dollars.

But, for the purpose of this offer, if you've saved more than $250,000 for retirement, call to schedule your free Tax Retirement Analysis now at 630-934-1584. Your window of opportunity to save on taxes in retirement is closing soon. So don't wait. This offer is only available today. For Saturday Morning Extra, I'm Ryan Chiaverini.