Thursday May 21, 2020
Oakbrook Terrace, IL: In the current unstable financial state that we all find ourselves in, many investors are worrying where and how best to devise a path out of the crisis & recession while remaining sure of their cash reserves.
At Goldstone Financial Group, headed up by co founder Mr Anthony Pellegrino, their advisers are helping many clients plan cast-iron strategies to future-proof their investments and take out the uncertainty when the markets emerge post-pandemic.
For those looking to benefit from the US government’s stimulus, those that can apply either have to be either single tax filers under $99,000 or for married couples, which combined have under $198,000.
Anthony Pellegrino revealed that if the money was not required now, clients could invest tax-free in a Roth IRA, an individual retirement account (IRA) that allows qualified withdrawals on a tax-free basis provided certain conditions are satisfied.
In an interview with presenter Angela Miles, of Business First, he went on to advise that the newly created Cares Act offered for those who needed finances now. “The first thing is you can do Roth Conversion, or if you need money now, the Cares Act delays the 10 per cent early withdrawal from your 401 (k).
“Under the Cares Act, you can also take up to $50,000 from your 401 (k) penalty-free. That threshold has now been lifted to $100,000, so that is a fantastic opportunity.”
“Also, typically, you have to take out the required minimum distribution (RMDs) annually. As part of the Cares’ Act, you do not have to fulfil this RMD requirement. So if you don’t want to take that out, you get a reprieve and there are no RMDs in 2020.
“What is a huge opportunity, and at Goldstone what we have been focusing on for clients, is the fact that the markets are down, and taxes are back at 2018 levels. We have been focusing on Roth Conversions, tax harvesting and using those to off-sets and gains.”
Mr Pellegrino, who also offers financial insights on his WLS podcast, is one of the leading advocates in the finance field for transitioning clients from outdated, transactional approaches to focusing on particular products.
“We serve as your comprehensive financial solutions provider, forging a deeper relationship and creating a strategy that can be adjusted as needed to help you reach your unique personal goals,” he added.
Goldstone Financial Group ‘s advisors are world-class at helping people with various scenarios carve out a plan for their financial future, particularly during these unsettling times of crisis.
The Goldstone Financial is also geared up to handling tax questions and offering the best advice available to those working through their financial landscape.
For more information about how Goldstone Financial Group can help in your future financial planning, contact them on (630) 620-9300 or view their website https://goldstonefinancialgroup.com