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clients from outdated, transactional approaches to focusing on particular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
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