August 7, 2017
The idea of leaving steady employment behind in pursuit of starting your own business might be intoxicating, but do your homework first. Ask yourself these basic questions right now:
Once you have a...
July 26, 2017
The Employee Benefits Security Administration (EBSA) of the U.S. Department of Labor states, “In 2014, 30 percent of private industry workers with access to a defined contribution plan (such as a 401(k) plan) did not...
July 12, 2017
Saving up savings bonds? Not sure whether to cash them in or not? Take a moment before making that decision because your financial circumstances could either help or hurt you.
Initially created to fund U.S. military efforts in WWII, savings bonds have been a safe and secure investment for decades. And while they’re not necessarily a wise investment these days (paying as little...
June 7, 2017
There’s much you can find on the internet on the ramifications of not having a will. In a nutshell, Illinois intestacy law* dictates distribution of the deceased’s estate as follows:
May 17, 2017
There has been a lot of discussion among financial experts on the Department of Labor’s (DOL) fiduciary rule that is slated to go into effect on June 9. To many investors, the debate over semantics is clear as mud. So let’s put it in layman’s terms.
The DOL created the fiduciary rule to protect the best interests of all investors, plain and simple. The rule proposes...
Burr Ridge IL, March 16, 2017. Peter Recchia, founder and president of 4Wealth Financial Group, has written to the Department of Labor, urging them to move ahead in implementing the current DOL Conflict of Interest - Fiduciary Rule.
He opposes any delay of the rule. “There is no reasonable basis for any delay,” Recchia says in his letter. “The DOL has already...
October 28, 2016
Burr Ridge, IL October 29, 2016 With the country’s largest insurer prohibiting its agents who are licensed to sell securities to no longer provide their clients with mutual funds, variable annuities and other investment products, Peter Recchia has this advice: Look for an Accredited Investment Fiduciary to help you plan your retirement.
The insurance company’s decision is...
August 23, 2016
The Department of Labor’s new regulations that provide greater protection to investors making decisions about their retirement accounts require retirement advisors to act as fiduciaries. As an Accredited Investment Advisors, founder and CEO Peter Recchia, is a fiduciary and is already acting in the best interest of the client. Recchia describes the benefits of using index...
May 9, 2016
“The new fiduciary rule provides greater protection to investors from high commission fees,’ said Recchia.
BURR RIDGE, IL (May 9, 2016) Peter Recchia, founder of 4Wealth Financial Group and an Accredited Investment Fiduciary, applauds the Department of Labor’s new regulation that provides...
February 24, 2016
Item 2 Summary of Material Changes
Form ADV Part 2 requires registered investment advisers to amend their brochure when information becomes materially inaccurate. If there are any material changes to an adviser's disclosure brochure, the adviser is required to notify you and provide you with a description of the material...
February 3, 2016
Because of the health care law, you might receive some new forms this winter providing you with information about the health coverage you had or were offered in 2015.
These new health care forms provide information that you may need when you file your individual income tax return. These new forms will be provided to the IRS by the entity that provides the forms to you.
The new...
February 3, 2016
Last year you may have seen advertisements and notices of informational meetings touting the many ways you can structure your Social Security benefits and maximize your income. I, myself sponsored a few of these events. Well, it was good while it lasted.
As is too often the case, "All good things must come to an end!"
The Bipartisan Budget Act of 2015 was signed November 2....
February 3, 2016
First up is what's not changing for 2016 are the tax brackets. The top marginal bracket is still 39.6 percent. But the taxable income levels the tax brackets apply to will all increase by about 0.5 percent because the tax law requires these to rise in step with government inflation benchmarks. So, married filers with taxable income in 2016 exceeding $466,951 and single filers with over...
December 8, 2015
Piggy banks — We cherish our childhood memories of putting money into a piggy bank. For the little tyke investor, choose a bank that’s transparent so they can
October 21, 2015
Haven’t given much thought to life insurance right? You’re young and healthy and let’s face it, life insurance isn’t as exciting as finishing your favorite series on Netflix or planning your next vacation. But it certainly is something to consider.
Here are our reasons why millennials may want to consider life...
October 21, 2015
If you’re in your 20s or 30s, saving for retirement may seem financially out of the question or it may just feel like a long way off. While retirement planning at a detailed level may not be realistic for some millennials, there are several simple things we want you to consider adding to your financial priorities.
A great place...
October 21, 2015
As a millennial, you or someone you know has been strapped with a tight budget and struggled to “get that dream job” you worked so hard for in college. It has come to our attention that 63% of you do not currently own a credit card. While we certainly understand the desire to avoid incurring...
August 19, 2015
If you are age 50 or over, it’s time to take an in-depth look into your financial picture and determine how you can live comfortably during your retirement. There are three important areas I take into consideration when designing a income plan for your retirement:
August 19, 2015
During tax season, client tax returns cross my desk for review and I notice that some filers lose investment gains and income to taxes. Because taxes will take a slice of the pie from your investment returns, you should ask yourself, "How tax-efficient are my investments?"
The objective of many investors is to focus on total return when evaluating fund performance. That makes sense...
June 18, 2015
It’s done.The application and medical process has been approved and you now have life insurance coverage. So it's time to put the policy away and forget about it. Right? Absolutely not.
Reviewing your life policies from time to time is a good habit to get into because circumstances change and events that happen in everyday life ultimately affect your...
June 18, 2015
IRS guidelines now allow you to place 25% of your IRA Assets (up to $125,000) into a Qualified Longevity Annuity Contract (QLAC). This type of Deferred Income Annuity will delay a monthly benefit for you in the future, as late as age 85. When you decide to receive a monthly benefit, that amount will be guaranteed for you or your spouse’s life.
In addition, using a QLAC will...
June 18, 2015
Educating your children about money should begin at a very early age. As they grow, they will be empowered to use knowledge and skills responsibly when it comes to money. Making money management decisions is a long-term process that begins with something as simple as putting a few pennies in a piggy bank and eventually evolves into making money, spending money and saving for the...
June 18, 2015
The Health Savings Account (HSA) was created in 2003 to allow those enrolled in high-deductible health plans to receive tax-preferred treatment of money they saved for or would spend on medical expenses. This type of account allows more of your money to be sheltered from income taxes, allowing you some tax free savings.
It’s great for your medical expenses because it helps...
May 12, 2015
Planning for old age is a challenge for just about everyone. Whether for ourselves or our parents, the conversation often takes place too late to have many options. Providing guidance so you don't outlive your retirement is a priority at 4Wealth Financial Group.
Whatever your approach: long-term care (LTC) insurance, combining LTC with life insurance, or upgrading existing coverages...
May 12, 2015
When can you retire? Since January 1st, 2011 every single day more than 10,000 Baby Boomers will reach the age of 65. That is going to keep happening every single day for the next 19 years.
Questions someone approaching retirement might ask:
May 12, 2015
During the course of 2015 we have seen many clients and other CPA firms talk about identity theft and how it has affected them and their tax filings. According to the Bureau of Justice Statistics Research over 16.6 million people per year will be affected by identity theft. It places a burden on its victims, clients, tax preparers, business and many organizations. Tax- related identity theft...
April 9, 2015
Unfortunately, too many families have no plan in place. When the conversation does come up it often takes place at the 11th hour when options are very limited. The results of postponing the conversation can have a huge impact on the family, particularly on the women because they are most likely to be caregivers. The spouse, the daughter, the daughter-in-law.
Financially,...
April 9, 2015
It is the most dreaded letter a taxpayer can receive. You've just joined an elite club, one whose initiation ritual is an IRS audit. Unfortunately, you can't refuse membership — and the dues could be astronomical. Restructure and Reform Act – 1998 (PDF)
Focus on richer...
March 11, 2015
4Wealth Financial Group is excited to announce the recent launch of our firm’s new website. We’ve been working very hard to enhance our website and give our firm a fresh look. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.
Take a moment to look around our...
March 5, 2015
The IRS has issued new guidelines to help guarantee income in your retirement, and at the same time reduce your Required Minimum Distribution requirement every year!
Qualified Longevity Annuity Contracts (QLACs) allow you to put up to the lesser of 25% or $125,000 of your Traditional IRA balance into a Deferred Income Annuity (DIA) eliminating your RMD by that amount, deferring your...
March 5, 2015
What legacy do you want to leave for the people you love in your life?
This is a profound question I consider when working with clients. It's important to consider these two parts to legacy planning:
February 3, 2015
Life insurance is one the most important things you can provide to protect your family’s future. 4Wealth life insurance professionals want you to know about a new type of term life insurance that lets you access policy benefits while alive — through Transamerica Life Insurance Co.
Let’s say you develop an unexpected illness that will affect your income and savings,...
The idea of leaving steady employment behind in pursuit of starting your own business might be intoxicating, but do your homework first. Ask yourself these basic questions right now:
Once you have a...
The Employee Benefits Security Administration (EBSA) of the U.S. Department of Labor states, “In 2014, 30 percent of private industry workers with access to a defined contribution plan (such as a 401(k) plan) did not...
Saving up savings bonds? Not sure whether to cash them in or not? Take a moment before making that decision because your financial circumstances could either help or hurt you.
Initially created to fund U.S. military efforts in WWII, savings bonds have been a safe and secure investment for decades. And while they’re not necessarily a wise investment these days (paying as little...
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