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Who We Serve

We have delivered Retirement Planning Seminars or worked with clients from the following organizations:

  • Carol Stream Park District
  • Chicago Fire Department
  • City of Joliet
  • City of Naperville
  • City of Park Ridge
  • Cook County
  • DuComm
  • DuPage County
  • DuPage County Sheriff
  • Elmhurst Park District
  • Fire Pension retirees
  • Glen Ellyn School District 41
  • Hinsdale Township High School District 86
  • IMRF retirees
  • Lisle Community High School District 202
  • Park District of Highland Park
  • SURS retirees
  • Township High School District 214
  • TRS retirees
  • Village of Arlington Heights
  • Village of Bensenville
  • Village of Oak Park
  • Village of Schaumburg
  • West Suburban Special Recreation Association
  • Wheeling Park District
  • Woodridge Public Library

We have also assisted with client decisions:

  • IMRF voluntary additional contributions analysis
  • IMRF past service credit purchase decisions
  • IMRF spousal annuity vs. spousal lump sum decisions
  • IMRF special needs annuity analysis
  • Social Security decisions, spousal benefits, optimum start dates
  • Pension annuity option selection
  • Retirement account withdrawal strategies
  • Investment/Retirement account asset allocation strategies and rebalancing actions
  • Retirement account investment selection
  • Life Insurance needs analysis
  • Long term care insurance recommendations
  • Home purchase affordability and financing decisions
  • Identifying target retirement savings levels
  • Establishing and funding emergency fund
  • Cost comparison of employer provided retiree health coverage vs. open market coverage
  • Retirement health care projections
  • Homeowner and auto insurance evaluations
  • Deciding between multiple retirement dates
  • Managing and reducing living expenses

 

 

IMRF

IMRF Members and IMRF Retirees
We specialize in financial planning for members and retirees of the Illinois Municipal Retirement Fund (IMRF). Are you considering retirement in the next five years? Have you attended an IMRF workshop but still have not set a date for your retirement? We understand how difficult the decision to retire can be. We can prepare your financial plan that projects your income and expenses during your current working years through your retirement. This plan will consider the following factors:

  • Medicare/Social Security Taxes
  • State and Federal Income Tax
  • Living Expenses with inflation projections
  • Costs of Employer provided Medical Benefits through age 65
  • Cost of Medical Benefits through Medicare
  • Pension Income and cost of living adjustments
  • Social Security Benefits
  • Evaluation of your investment accounts and asset allocation

Whether you’re an active IMRF member or a retiree, we can provide professional guidance on difficult personal financial planning issues.

 

Illinois Teachers

The State of Illinois has an enormous unfunded pension liability, which is causing Illinois teachers and administrators great concern.

As State lawmakers continue to discuss solutions to the pension crisis, Illinois teachers and administrators should consider taking action on their own to plan for their retirement.

Having a solid financial plan that addresses not only your pension income but contributions to your 403b account and understanding and managing your personal spending plan will give you peace of mind about your retirement.

As a teacher or administrator, your pension is based on earnings not covered by Social Security. This can affect the amount of your Social Security benefit. The Social Security Administration does not know whether you are eligible for such a pension, so the benefit estimates you have received may not have been adjusted for such a possibility. If you’ve received a Social Security statement, we can provide guidance on the Windfall Elimination Provision (WEP). The Windfall Elimination Provision affects how the amount of your retirement or disability benefit is calculated if you receive a pension from work where Social Security taxes were not taken out of your pay.

You should be familiar with the Government Pension Offset. Because you are eligible for a pension based on work where you did not pay Social Security taxes, your Social Security spouse’s or widow or widower’s benefits may be reduced.

We can help you understand the impact that the Windfall Elimination Provision and/or the Government Pension Offset will have on your Social Security income. We are keeping a watchful eye on pension reform proposals and will be prepared to assist Illinois teachers and administrators with any decisions they may need to make regarding proposed changes to the structure of the pension plan.

Take a proactive approach to your pension concerns and call us today to schedule a free get acquainted session.

 

Public Safety Officers

Illinois Police and Fire Personnel
Are you not contributing to your employer’s 457 plan because you assume your pension income will be enough to fund your retirement years or because you feel you can’t afford to contribute?

Are you a retired public safety officer who has his/her medical premiums deducted from your pension payment?

Have you been absent from work due to a work related injury?

Are you making payments on a student loan that is not in default and was made under the direct loan program?

If you’ve answered yes to any of these questions, we can help.

As a Police Officer or Firefighter covered under a pension plan other than IMRF, you aren’t contributing to and therefore aren’t eligible for Social Security. Because of this, it is important that you contribute to a 457 plan if your employer offers this option to allow for supplemental income beyond your pension during your retirement years. We can show you how you can afford to contribute to your 457 by calculating the impact on your taxable income, and your tax liability.

The federal Pension Protection Act of 2006 (PPA) permits eligible retired public safety officers to exclude up to $3,000 of their qualified health insurance premiums from their gross taxable income each year, as long as the premiums are deducted from their retirement benefit. If you aren’t sure if you’re taking advantage of this deduction, we can review your prior year tax returns to determine if you benefited from the deduction.

The Illinois Public Employee Disability Act, 5 ILCS 345/1 (PEDA) provides for payment to a law enforcement officer or firefighter who is employed on a full time basis and is injured in the line of duty. The injured employee is entitled to receive 100% of his/her pay for up to one year. Payments made under this section of Illinois law are fully exempt from income tax.

As an employee of a public service organization you may be eligible for student loan forgiveness under the Public Service Loan Forgiveness Program (PSLF).

Whether you’re an active public safety officer or a retiree, we can help answer some of the difficult personal financial planning questions.