Most retirees don't struggle due to a lack of savings—they stumble on rules, or more accurately, poor information. Here's how to vet financial education and know when to call a financial advisor. Learn more at https://goldstonefinancialgroup.com/chicago/
Retirement planning involves a series of critical decisions: when to claim Social Security, how to draw down accounts, and how to address rising healthcare costs. The quality of information directly affects these outcomes. The Federal Reserve's 2024 SHED survey reports that only about one in three non‑retired adults feels on track for retirement, which points to a broad need for more precise guidance. This episode outlines a practical way to evaluate financial education and determine when an advisor is warranted.
Start with common mistakes to avoid. First, treating summaries as personalized advice. SECURE 2.0 changed RMD ages, catch‑ups, and plan options, but the application of these rules depends on age, income, and account types. Implementing rules based solely on a summary can create tax issues. Second, missing financial birthdays. Ages 50, 55, 59 and a half, 62, 65, 70 to 73, and 75 trigger catch‑up contributions, penalty exceptions, Medicare enrollment, Social Security timing, and required minimum distributions. Overlooking these milestones can lead to penalties or higher lifetime taxes. Third, underestimating long‑term care. Medicare does not cover most custodial care, so proactive planning for long‑term care and Medigap helps preserve income streams and protect assets. Fourth, piecemeal planning. Optimizing investments without attention to tax brackets, Medicare IRMAA thresholds, or beneficiary designations can cause avoidable costs during withdrawals or inheritance.
What does reliable education look like? Topic‑specific, plain‑English guides that cover SECURE 2.0 basics, Social Security strategies, RMD rules, women's retirement planning, and tax planning. Effective resources explain actionable steps, not just regulations. Information should be current and dated because rules evolve; this is especially important for RMD ages, Roth catch‑up provisions, and Medicare thresholds. Quality education presents decision frameworks rather than product pushes. It lays out trade‑offs, like whether to consider Roth conversions during lower‑income years, and flags where professional guidance adds value.
What can be handled independently, and where does professional advice help? DIY approaches can be suitable for budgeting, building emergency funds, setting contribution targets, basic asset allocation and rebalancing within tax‑advantaged accounts, and reviewing beneficiary designations and account titling. Situations that benefit from a fiduciary advisor include sequencing withdrawals across taxable, traditional, and Roth accounts to manage tax brackets and IRMAA, timing Social Security with spousal considerations while coordinating portfolio withdrawals, planning Roth conversions in bridge years between leaving work and RMDs, coordinating Medicare, Medigap, HSAs, and potential long‑term care coverage, and integrating estate goals with CPAs and attorneys to reduce taxes for heirs.
In the Chicago area, Goldstone Financial Group publishes no‑cost primers and guides on SECURE 2.0, important birthdays after 50, maximizing Social Security, RMDs, tax planning, and women's retirement planning, along with articles on long‑term care and retirement income design. These resources provide a foundation to understand options and trade‑offs before making decisions.
How should an education‑first advisor be evaluated? Request an outline of the planning process, such as Discover, Evaluate, and Plan, and examples of the deliverables provided. Confirm fiduciary status and fee structure in writing. Expect proactive discussions on taxes, healthcare, and legacy planning, not just investment management. Look for consistent updates tied to legislative changes rather than one‑off workshops.
For those approaching retirement or already retired who want a more structured plan, current guides and articles from Goldstone Financial Group can help establish a baseline. Click on the link in the description to learn more! Goldstone Financial Group City: Oakbrook Terrace Address: 18W140 Butterfield Road Website: https://www.goldstonefinancialgroup.com/ Phone: +1 630 620 9300 Email: contactus@goldstonefg.com