Anthony Pellegrino, the founder of Goldstone Financial Group is a financial authority in the Chicagoland area. With 2023 just around the corner, Anthony shared his top retirement tips for 2023.
January 16, 2023 (Illinois, United States) – The retirement advice for the coming year normally all sounds the same—but 2023 is going to be different because retiring during a bear market is definitely challenging. The 2023 retirement outlook encompasses a number of major threats, including but not limited to rising interest rates and high inflation. Anthony Pellegrino, being a financial expert, understands the uncertain financial environment created by these trends. He fully acknowledges that these threats can unnerve even the most careful retirement planners, that’s why he recently shared his top retirement tips for the year 2023.
Since the Great Recession, 2023 is going to be the worst year for retirement owing to the current conditions. Undoubtedly, one’s personal circumstances matter the most. Anthony shared a list of things to keep in mind if anyone is planning to ride off into the sunset in 2023.
“In 2023, it’s crucial to understand the Sequence of Returns Risk. It has a direct bearing on the fortune of people who plan to retire during the difficult markets we are facing currently. It is a fact that you are better off if you start saving for your retirement as early as possible. When you start investing earlier, your money has more time to take advantage of compounding returns. And when you start withdrawing money out of your retirement investments in a bear market, it decimates your principal. It also permanently decreases the basis for enjoying the benefits of compound growth. ~ Anthony Pellegrino Goldstone Financial Group
We all know that even the best-laid retirement plans can be wrecked by inflation and rapid decline in the worth of the dollar. Anthony explained how it’s really necessary not to let the emotional part of inflation dictate financial choices. According to Anthony, retired people should worry more about the rising cost of health care or local property tax rates than the rates of eggs or bread.
“Social Security is backed up income that is adapted for inflation. According to my experience, a key Social Security rule of thumb is to delay taking benefits as long as possible. Especially in light of high inflation and with the cost-of-living adjustment (COLA) for 2023 as hefty as 8.7%. Also, with mortgage rates soaring, it’s wise to reconsider where you plan to retire.” ~ Anthony Pellegrino Goldstone Financial Group
Also with the rising cost of living, it’s a good idea to keep working even after retirement owing to health conditions. Because at the end of the day every dollar earned is another dollar of capital preserved in your nest egg. And don’t ignore the importance of hiring a financial advisor to help you deal with retirement math and estate planning.
Anthony Pellegrino, the founder of Goldstone Financial Group is honored to be recognized as a financial authority in the Chicagoland area. He has dedicated his practice not only to helping individuals plan for their financial future but also remaining by their side as a partner in achieving their desired results. Anthony Pellegrino holds a Series 65 securities license. As an Investment Advisor Representative (IAR) of Goldstone Financial Group, he provides financial strategies targeted at achieving consistent, reliable returns regardless of market fluctuations and uncertainties. As a fiduciary, Anthony has a legal responsibility to put his client’s needs ahead of his own and is held to a higher ethical standard than non-fiduciary advisors.