Mike Piershale, ChFC
President, Piershale Financial Group
Mike Piershale, ChFC, is president of Piershale Financial Group in Barrington, Illinois. He works directly with clients on retirement and estate planning, portfolio management and insurance needs.
A Simple RMD Mistake That Can Cost Retirees Thousands
required minimum distributions (RMDs)
A Simple RMD Mistake That Can Cost Retirees Thousands
Do you know exactly what your required minimum distribution should be? Did you take more than you had to last year? If you need extra cash, there coul…
November 23, 2021
You Could Accidentally Disinherit Your Children Unless You Follow This Obscure Rule
estate planning
You Could Accidentally Disinherit Your Children Unless You Follow This Obscure Rule
True story: A father with three kids put them down as the beneficiaries of his nearly $250,000 401(k) account – but when he died, they got nothing. It…
September 10, 2021
How You Might Save on Taxes Just by Shifting Your Investments Around
tax planning
How You Might Save on Taxes Just by Shifting Your Investments Around
A quick look at your tax return can reveal some easy ways to reduce your taxes this year. One is to reallocate your investment income to make it more …
June 27, 2021
ETFs vs. Mutual Funds: Why Investors Who Hate Fees Should Love ETFs
ETFs
ETFs vs. Mutual Funds: Why Investors Who Hate Fees Should Love ETFs
Exchange-traded funds offer a huge cost savings to consumers over mutual funds. Here’s why, and a couple of quirks about ETFs to watch out for as well…
April 10, 2021
How to Possibly Pay 0% in Taxes on Your Taxable Investment Gains
tax planning
How to Possibly Pay 0% in Taxes on Your Taxable Investment Gains
Don’t miss out: Certain people with low enough taxable income can sell stocks or mutual funds to convert their taxable gains into tax-free money. Here…
February 2, 2021
Joint Trusts or Separate Trusts: Advice for Married Couples
estate planning
Joint Trusts or Separate Trusts: Advice for Married Couples
Unless you have a specific need for separate trusts, it’s usually best to avoid the headaches they cause and go with a joint trust instead. Here’s why…
November 20, 2020
How To Buy a Roth IRA When You Make Too Much To Qualify For One
Roth IRAs
How To Buy a Roth IRA When You Make Too Much To Qualify For One
With their tax-free growth and tax-free withdrawals, Roth IRAs are a great deal — if you qualify. If you don’t, well, there’s still a way to get into …
September 23, 2020
Your 401(k)s and IRAs Have a Dark Side
401(k)s
Your 401(k)s and IRAs Have a Dark Side
Yes, they are a tax-advantaged way to save for retirement, but they come with some disadvantages you should know about.
July 17, 2020
Roth IRA Conversions are on Sale
retirement
Roth IRA Conversions are on Sale
Many retirement savers can get an extra-good deal on Roth conversions right now. Here's why.
May 12, 2020
Financially, Marriage Makes a Lot of Sense for Retirees
Making Your Money Last
Financially, Marriage Makes a Lot of Sense for Retirees
There are some major financial benefits to tying the knot. From IRAs to Social Security and tax exemptions, there are many reasons (besides the obviou…
March 9, 2020
Want to Beat Boring CDs? Munis Can Be a Conservative Way to Increase Yield
retirement
Want to Beat Boring CDs? Munis Can Be a Conservative Way to Increase Yield
Municipal bonds come with some risks that bank CDs don't, but there are ways to minimize them while still getting a better return. Plus, the interest …
January 9, 2020
New Pass-Through Tax Deduction Could Be a Bust for Business Owners
taxes
New Pass-Through Tax Deduction Could Be a Bust for Business Owners
When all is said and done, the QBI deduction could actually end up forcing people who save for retirement in a SIMPLE IRA, SEP IRA or 401(k) to pay mo…
November 21, 2019
How to Recover from a Pre-Retirement Financial Crisis
retirement
How to Recover from a Pre-Retirement Financial Crisis
If you're close to retirement, the pressure is on because you don't have much time to bounce back from something like a job loss or divorce.
September 27, 2019
Beware of Kiddie Taxes When You Leave Heirs Your IRA
retirement
Beware of Kiddie Taxes When You Leave Heirs Your IRA
Children and grandchildren inheriting traditional IRAs could quickly find themselves in the top 37% tax bracket thanks to changes ushered in by the Ta…
July 17, 2019
Tracking Down IRA Basis: A Gold Mine for Beneficiaries
IRAs
Tracking Down IRA Basis: A Gold Mine for Beneficiaries
No one likes to pay taxes unnecessarily, but that's what a lot of people who inherit IRAs end up doing. Failing to track down the IRA basis associated…
May 1, 2019
What to Do with All Those Old 401(k)s and IRAs
retirement
What to Do with All Those Old 401(k)s and IRAs
It's about as fun as herding cats, but rounding up all your IRAs and 401(k)s into just one or two accounts can really simplify your financial life.
February 6, 2019
Holy Doughnut Hole: Medicare Part D Costs and Deductibles for 2019
Medicare
Holy Doughnut Hole: Medicare Part D Costs and Deductibles for 2019
As seniors weigh their prescription drug coverage during annual enrollment, it pays to review the basics of how it works, how much it costs and how th…
November 28, 2018
Caring for Your Aging Parents: How to Prepare
retirement
Caring for Your Aging Parents: How to Prepare
The time to get ready is well before the time comes. Here's how to approach some important talks and what you need to cover.
September 21, 2018
Is Downsizing in Retirement Right for You?
retirement
Is Downsizing in Retirement Right for You?
A smaller home, with fewer possessions to weigh you down and lower bills to boot: What's not to like? For many folks, downsizing makes a lot of sense,…
July 13, 2018
Avoiding the 50% Penalty on Overlooked RMDs
IRAs
Avoiding the 50% Penalty on Overlooked RMDs
You're busy enjoying retirement and you just plain forget to take your required minimum distribution. Or you do the math wrong. It could be a costly m…
May 29, 2018
Senior Marriage and Social Security: Rules to Know
social security
Senior Marriage and Social Security: Rules to Know
Romance aside, you may want to delay your wedding date (or divorce, if that's the case) to get the best Social Security benefit possible.
March 1, 2018
3 Ways to Make Money in Company Stock
investing
3 Ways to Make Money in Company Stock
If your company offers you the opportunity to invest in its stock, it could come with some significant tax benefits and growth prospects.
December 18, 2017
A Healthy Way to Increase Your Retirement Savings: HSAs
retirement
A Healthy Way to Increase Your Retirement Savings: HSAs
If you don't like paying taxes, health savings accounts could be a way to save for your health costs… and for retirement, too.
October 17, 2017
A ‘Simple’ Idea to Save on Taxes
taxes
A ‘Simple’ Idea to Save on Taxes
For small-business owners (and their employees) SIMPLE IRAs can be a slam-dunk at tax time.
July 26, 2017
Can You Cut Taxes You Pay on Your Social Security?
retirement
Can You Cut Taxes You Pay on Your Social Security?
If you have a moderate or low income but earn a lot in interest and dividends from investments that you don't need for living expenses, here is one wa…
May 23, 2017
Stay-At-Home Parents Can Still Qualify For Social Security Benefits
social security
Stay-At-Home Parents Can Still Qualify For Social Security Benefits
Just because you don't bring home a paycheck doesn't mean you're not working. You can get a Social Security check just like any other worker. Here's h…
March 31, 2017
How to Save Big on Taxes in ‘The Goldilocks Zone’
retirement
How to Save Big on Taxes in ‘The Goldilocks Zone’
The five-year period from age 65 to 70 offers a unique opportunity for many to potentially save tens of thousands through Roth IRA conversions.
February 24, 2017