Oakbrook Terrace Retirement Planning Firm: Investment & Tax Strategies

Jun 7, 2023

Did you know that over a third of Americans believe they’ll never retire? Not me, I have Goldstone Financial Group on my side. Call 630 620-9300 to secure your retirement and financial future!

A friend recently asked me about my retirement plan.

I told him I plan to either get rich or try dying.

I'll pause till you process that and finish laughing...

Ok, now that we broke the ice - it's time to get serious. Because, according to some smart folks who are good with numbers and did their research, as a nation we're not that good at saving for retirement. Did you know that 55% of Americans are behind on their retirement savings?

... Are you one of them? Come on, this is a safe space - you can admit to yourself (and me, a total stranger on the internet who won't hear you anyway) that you may need some help with your retirement planning.

That's ok.

Retirement planning is not easy. What do you put your money in? Stocks? IRA? 401(k)?

And how much money? Is there a specific amount you should be saving every year to be able to retire comfortably, or retire at all?

Unfortunately, I don't know.

But I do know who knows! Goldstone Financial Group has years of experience creating comprehensive retirement plans for clients across the Chicagoland area - and they can do the same for you. Just get in touch with one of their advisors; I'll leave the link here for you: https://goldstonefinancialgroup.com/

Still here? Ok, I guess I'll tell you more about retirement planning and why you need it.

Let's start with why you're behind on your savings. From reduced income to increased spending, there are many reasons why so many of us are failing to meet our retirement goals. But, as you may have suspected, a large part of it is due to this wonderful inflation we're experiencing! In 2022, the inflation rate in the US was 8.3% - and that's pretty high by historical standards.

But it's not all doom and gloom. All you need is a little help from the pros and you can be well on your way to making your retirement savings goals every year.

When you partner with Goldstone Financial Group, you can diversify your income sources and minimize tax liability. What that means is that you can have a stable retirement income despite inflation. Now, it's not to say that inflation can't touch you - but, it will not destroy you either.

Think of financial planning like armor - not "plot armor", that's something else.

Simply put, a good retirement plan can ensure you can cover all your essential expenses and afford your desired lifestyle once you enter your twilight years. That's why Goldstone Financial Group considers all sources of income to create a reliable income stream.

It sounds complicated - and it's definitely complicated to plan all this stuff on your own - but the idea is simple: having multiple sources of income reduces risk.

And with Goldstone's financial advisors, you get a comprehensive retirement plan which - depending on your goals and financial situation - will consist of Social Security benefits, pensions, personal savings, rental income, and other income streams.

I know what you're thinking.

"But I don't have a pension."

"My Social Security benefits are way too low."

"I don't have any other income streams."

Don't panic. That's why you hired the professionals; they will find ways to diversify your retirement income sources. For example, you can add investments to your retirement plan. And no, this doesn't mean mindlessly throwing money into stocks or crypto and hoping for the best. When you work with experienced financial advisors who have your best interest at heart, you get expert investment advice and strategies.

Goldstone can recommend both long- and short-term investments. I would explain how this works, but I'd probably get it wrong, so here's what they say: "As a general rule of thumb, you may want to allocate a larger percentage of your portfolio to long-term investments if you have a longer time horizon, and a larger percentage to short-term investments if you are nearing retirement."

And let's not forget about taxes! (As if we could, right?) I have some good news, though, retirement planning also includes tax planning. So you'll be able to maximize deductions and minimize tax liability for greater savings year-over-year. Neat, huh?

Sure beats "get rich or try dying", am I right?

They say if you fail to plan, you plan to fail. And while I don't absolutely believe in that - some spontaneity is good to have - I do firmly believe it holds true when it comes to your financial future.

If you agree, go to https://goldstonefinancialgroup.com/contact-us/ to see what Goldstone Financial Group can do for you!

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