Young Families
Plan for the future of your family with investments that help you be prepared to raise your kids, send them to college, and build a nest egg for yourself when the nest empties.
When you use investment services, you need an advisor that will advocate for your future and give you objective advice.
Along with our broker-dealer, LPL Financial, we work with you to find appropriate investment choices for your life, your money, and your future – right here at Liberty Bank in Chicago. To schedule an appointment, click the button below or give us a call at 773.594.6603.
No matter where you are in your life or career, you deserve access to financial professionals who will get to know you and help you plan an independent financial future that matches your goals.
Plan for the future of your family with investments that help you be prepared to raise your kids, send them to college, and build a nest egg for yourself when the nest empties.
Build a smart investment portfolio to help you manage spending today and plan for tomorrow. Getting an early start with saving and investing is a gift to your future self.
Take advantage of mid-career stability to fund your investment portfolio and prepare for a bright, secure future through the smart, strategic investment decisions you make today.
Approach the prime of life with confidence in your financial future and investment options. Enjoy the freedom to fund your hobbies, travel plans, and other passions.
You’ve got investing questions, LPL Financial Advisor Bill Smigiel has answers. In this quarterly Q&A, he’ll break down investing into clear, easy-to-understand terms so you can start growing your money.
Wealth building strategies while raising a family
Raising a family is rewarding─and expensive. Consider taking these steps to support your family financially through a program of smart investing.
Building a career and raising a family requires management skills. Juggling your time, priorities, and money now while planning for the future can be daunting. Saving now to send your kids to college, take care of your parents as they age, and pursuing a comfortable retirement can be challenging.
Savings alone may not be enough. Saving part of your monthly income is the first step toward building wealth, but with current interest and inflation rates, saving may not be able to do the job on its own. After putting aside enough cash for an emergency fund, you may want to consider investing in a diversified set of investments such as stocks, bonds, mutual funds, real estate, and more. I can show you how to match your investment portfolio to your tolerance for risk, your age, your goals, and your income to help you build your wealth.
Start with building your retirement nest egg. Most often, parents put their children’s future first by building a college fund. While this is certainly important, preparing for retirement should take precedence. Your children have options that you don’t. Your kids can use a combination of savings, loans, and scholarships to attend college. You must live on Social Security and the wealth you’ve accumulated. The last thing you want is to depend on your children’s financial support when they begin working and you stop.
Use the tax code to help build wealth. If you’re covered by a qualified employer retirement plan, not only should consider making the largest contributions you can afford, you should make sure the money is invested in assets with the potential to provide long-term growth. If you are self-employed or not covered at work, consider an Individual Retirement Account (IRA) and/or Self-Employed 401(k), preferably self-directed ones, to hold your investment portfolio. Not only are contributions tax-deductible each year (subject to income and contribution limits), but all your earnings are tax-deferred until you start making withdrawals. You can delay withdrawals until age 70½, giving you many years of tax-deferred growth potential.
Take advantage of other tax breaks. While contributions to a 529 education savings plan are not deductible from your taxes, growth is tax-deferred, and if used for qualified educational purposes, withdrawals are tax-free. Your employer may offer tax-advantaged benefits like cafeteria plans. As your wealth grows, consider if it’s appropriate to allocate money into investment vehicles like tax-free municipal bonds*, Treasury Inflation-Protected Securities, whole life insurance, Real Estate Investment Trusts (REITs), and qualified annuities, to name a few.
Be a good parent, and be good to yourself. How you invest your money is critical to the financial health of you and your family.
This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal.
Source/Disclaimer:
*Interest income may be subject to the alternative minimum tax. Municipal bonds are federally taxfree but other state and local taxes may apply.
There is no guarantee that a diversified portfolio will enhance overall returns or outperform a nondiversified portfolio. Diversification does not protect against market risks.
Qualified accounts such as 401(k)s and traditional IRAs are accounts funded with tax deductible contributions in which any earnings are tax deferred until withdrawn, usually after retirement age. Unless certain criteria are met, IRS penalties and income taxes may apply on any withdrawals taken prior to age 59½. RMDs (required minimum distributions) must generally be taken by the account holder within the year after turning 70½.
Prior to investing in a 529 Plan investors should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary.
This material was prepared for LPL Financial, LLC and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty.
Share your goals with us and we can help you build a plan that puts you on the path to financial success. Learn how to manage, spend, save, and meet milestones.
Access knowledgeable specialists right here in Chicago who can help you develop a customized investment strategy based on your individual financial goals and risk tolerance.
To enjoy retirement tomorrow, you have to plan for it today. It’s never too early to start saving and investing. Collaborate with Chicago, Illinois-based financial professionals to plan, invest, and monitor your portfolio. Since we’re right here in Chicago, it’s easy to stop by and sit down with us periodically to review your portfolio and talk through changes in your finances, life plans, and the impact they have on your financial strategy.
Create a wealth management plan that combines a portfolio of stocks, bonds, and mutual funds to elevate and support your financial well-being.
Identify insurance strategies that consider your risk profile. Protect your assets with a strategic risk management portfolio.
Plan for college costs by connecting with our financial specialists to set goals, track progress, and create confidence that you’re ready to fund your or your child’s educational future.
It’s really important work and also incredibly gratifying.“
You are the most important factor – often overlooked – in building an investment strategy. Your story, your goals, your dreams, and your unique situation are the primary elements to consider when creating an investment plan that works. That’s why we work to:
It’s this proactive, consultative approach that helps you devise an investment management strategy that fits your long-term plans.
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