Mike Piershale, ChFC

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.
The Best Way for Kids to Save Isn’t in a Boring Bank Account
A teenage girl holds a fan of $1 bills.
Roth IRAs

The Best Way for Kids to Save Isn’t in a Boring Bank Account

What’s better? A Roth IRA! Here’s why.
July 1, 2022
Simple, Time-Tested Ways to Protect Your 401(k) from a Crash
A stock trader holds his head in disbelief as stocks fall.
401(k)s

Simple, Time-Tested Ways to Protect Your 401(k) from a Crash

Markets have been on edge for months, and so are retirement savers. To safeguard your savings, follow these investing golden rules.
April 20, 2022
If January Predicts the Rest of the Year, Investors Could Be Hurting
A closeup of a man's weathered face looking warily into the distance.
Markets

If January Predicts the Rest of the Year, Investors Could Be Hurting

It’s known as the January Barometer, but how accurate is it? Let’s dissect this interesting stock market statistical phenomenon by checking the number…
February 2, 2022
A Simple RMD Mistake That Can Cost Retirees Thousands
A woman with a dismayed look on her face stands with her chin resting on her hand.
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
A mom and daughter talk on a couch.
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
Hands hold a stack of money in front of a computer screen.
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
Choosing a happy face emoji from a pile of options.
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
A group of people jump on a beach silhouetted against a sunset.
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
A happy couple sits together on a log in the woods
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
Stacks of coins on top of rolled up dollar bills.
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
Dark clouds in a stormy sky
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
A person sitting at a desk, holding a pen, with a calculator, piggy bank and a stack of coins
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
A person sitting at a desk, holding a pen, with a calculator, piggy bank and a stack of coins
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
Making Your Money Last

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
A person sitting at a desk, holding a pen, with a calculator, piggy bank and a stack of coins
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
Long-Term Care Insurance

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
A person sitting at a desk, holding a pen, with a calculator, piggy bank and a stack of coins
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
A person sitting at a desk, holding a pen, with a calculator, piggy bank and a stack of coins
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
Happy Latin American business woman doing the books at a restaurant
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