A holder of Series 7, 65, and 63 securities licenses, Chris DiGregorio has served as senior vice president of investments with Janney Montgomery Scott since 2005. In addition to helping Janney clients prepare for retirement, Chris DiGregorio assists them with post-retirement planning and saving strategies.While an individual retirement account (IRA) is an important part of planning a comfortable lifestyle after you retire, it's crucial to understand required minimum distributions (RMD) to avoid the possibility of paying a lofty excise tax. By law, you are required to begin withdrawing from an IRA as of April 1 following the year in which you reach 70-and-six-months of age. You can withdraw more than the minimum, but if you fail to make the RMD in that year, you might face a 50 percent excise tax on that amount you were supposed to withdraw.To calculate how much you are required to withdraw in your first year, divide your IRA's balance as of December 31 the prior year by the distribution period set by Internal Revenue Service (IRS) which, for age 70, is 27.4. For example, if your IRA has $1 million, your first RMD for the year would be $36,496.
Guiding the DiGregorio Group at Janney Montgomery Scott, Chris DiGregorio is a respected member of the retirement planning community. Among Chris DiGregorio’s areas of expertise at Janney are inter-generational wealth transfer and retirement income planning.When approaching one’s retirement years, it makes sense to contribute as much as possible to traditional IRAs or 401(k) plans, rather than simply placing the money into a traditional brokerage or savings account. For both traditional IRAs or 401(k) plans, the reason for this is because investment growth is tax-deferred and annual payments do not need to be made on gains as they occur. Instead, those gains can be reinvested in ways that increase the principal further. Taxes only come due on such accounts when withdrawals are taken. Contributions to a 401(k) are limited to $19,000 of pretax income in 2019. However, as a qualified employer-sponsored retirement plan, 401(k) plans may benefit from matching employer contributions.The Roth IRA works in an opposite way. Contributions are made after taxes are taken out and the money in the account grow tax-free. This maximizes the amount ultimately received and is a judicious way of ensuring income throughout retirement.
Seasoned retirement planner Chris DiGregorio joined Philadelphia-based financial firm Janney Montgomery Scott, LLC in 2015. In his work with Janney, Chris DiGregorio focuses on wealth planning strategies that enable clients to mitigate risks after retirement. Even with secure income vehicles, retirement can be impacted by external events. Below are some of the most frequent risks that can occur post-retirement.Health Problems: Aging often comes with more complex health issues, which can result in costly treatments and hospitalizations. Retirement planners suggest long-term care insurance policies to defray the cost of assisted living facilities or in-home nursing care.Federal Policy Changes: The government may change terms of entitlement programs without warning. For this reason, retirement specialists advise retirees not to depend solely on government programs or one type of investment vehicle for income.Stock Market Volatility: The impact of a bad market on a retiree’s assets depends on when the downturn occurs. Market losses may not impact older retirees as much, but people nearing or entering retirement can be greatly affected. It is advisable to have other sources of retirement income, and to make conservative withdrawals.
Experienced in municipal and corporate bonds investing, Chris DiGregorio is Janney Montgomery Scott’s senior vice president of investments. At Janney, Chris DiGregorio facilitates retirement planning and reviewing of retirement plans. It is important to check your retirement plan periodically. Here are three instances when you should do that: -When you experience major life changes These include getting married, divorced, or having children. They also include purchasing or selling a house, getting into debt, or changing jobs. All these have the potential to impact your income or net worth, and consequently, your retirement savings needs. Family changes may also have a bearing on your retirement plan’s beneficiary. Review your retirement plan after experiencing a major life change. -When your risk tolerance changes Has your tolerance to risk changed? Are you more concerned about market volatility or prolonged bear markets? It is common to have people approaching retirement assume a more conservative approach to risk than younger people with a longer investment horizon. If this is the case, review your retirement plan. -Have your retirement income needs changed? Maybe you originally planned to spend your retirement back home but you now want to travel so you’ll need more savings. Maybe your health or that of your spouse has changed. You may also want to start a business or get a part-time job in retirement? All these will impact your retirement income needs. Review your plan to factor these in.
