LPL Financial at Liberty Bank Investment Services

Where your interests are our only interest.

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Put Your Future First

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.

MAKE AN APPOINTMENT

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Your Future Belongs Here

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.

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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.

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Career Starters

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.

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Mid-Career Professionals

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.

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Retirement Planners

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.

Investing 101 with Bill Smigiel

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.

How to Manage Your 401(k) When You Switch Jobs

In the past, boomers and generation Xers often held on to jobs for 10 or more years. Some professionals stayed with the same company for most of their working lives. The Great Recession changed this for many. Now, people have become more comfortable moving from job to job. Millennials are especially adept at this. They change jobs three times more often1 than other generations.

Changing jobs introduces a new dilemma for people, regardless of why or how often they do so: what to do with the 401(k) account they had with their former employer. Should they consider taking the cash distribution, or could there be a better choice?

Consider All Options

Here are some reasonable options to consider whether it’s to cash out, or retain the tax-deferred benefits attached to your assets:

  1. Take the Cash: When people make financial decisions they may choose to do so based on interest rates and cash in hand. But another important factor to consider is taxes. When you take cash distributions from your 401(k) account, you may pay a lot of money in taxes and fees. This includes a 20% federal withholding tax and then another 10% penalty2 for people who are under the age of 59 and a half years old.
  2. Directly Roll the Money Into an IRA: An individual retirement account is much like a 401(k), but it can remain independent of any employer. You may want to consider this option if you change jobs often or if a new employer does not offer retirement plans.
  3. Use the New Employer’s Plan: Some professionals prefer to keep rolling their 401(k) savings forward. You may want to consider this option if you mostly work corporate jobs with good 401(k) plans. Rolling the money over directly from one employer to the next may also help to eliminate any fees from the IRS. Note that even if you are not yet eligible to contribute to your new employer’s retirement plan, you should be able to roll over your money.
  4. Keep the Old Plan: If you have at least $5,000 in your old retirement account, your employer must allow you to retain your 401(k) account if you want to. You can no longer make contributions to the account, but you can make decisions regarding the investment of your assets. You may want to consider this option if you leave your job to start a business, or want to add some diversity to your retirement holdings.

The Importance of Research

The right approach depends on a number of factors. Aside from those mentioned above, you should consider the rules at your company as well as longevity. Is the company in financial trouble? What happens to your retirement plan if it goes under? Some employers may also set lower thresholds to allow former employees to leave their retirement accounts behind. Speak directly with the human resources department to get some answers.

I would also be happy to talk through the various considerations and help you navigate this important decision. Feel free to give me a call at 773.594.6603 or if you’d like to set up an appointment, click here.

1. https://www.gallup.com/workplace/231587/millennials-job-hopping-generation.aspx
2. https://www.cnbc.com/2020/01/06/think-twice-before-taking-early-withdrawals-from-retirement-savings.html
3. https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-termination-of-employment

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.

This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

This material was prepared by LPL Financial, LLC

Investment Services To Fund Tomorrow

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Goal Setting

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.

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Investment Management

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.

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Retirement Planning

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.

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Wealth Management

Create a wealth management plan that combines a portfolio of stocks, bonds, and mutual funds to elevate and support your financial well-being.

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Insurance and Risk Management

Identify insurance strategies that consider your risk profile. Protect your assets with a strategic risk management portfolio.

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College Planning

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.

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“At the end of the day, my job is to help our neighbors get what they want out of life.

It’s really important work and also incredibly gratifying.“

William C. Smigiel

Financial Advisor
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Your Plan, Your Future

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:

  • Get to know you and understand your needs and long-term goals
  • Identify the level of risk you can tolerate
  • Evaluate your paperwork and data
  • Establish a recommended investment strategy
  • Monitor and adjust your plan regularly to be sure you stay on track

It’s this proactive, consultative approach that helps you devise an investment management strategy that fits your long-term plans.

BrokerCheck by FINRA

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Liberty Bank for Savings is not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using LPL Financial, and may also be employees of Liberty Bank for Savings. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of Liberty Bank for Savings. Securities and insurance offered through LPL or its affiliates are:

LPL Disclosure

The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states:  Illinois