403(b) Distribution Education & Transfer Services
We’ll educate you on your options and choose a suitable option.
Chicago 403(b) Investment Management & 403(b) Distribution Education: Plan For Your Future with Experienced Guidance
Are you a teacher, a school administrator, or a non-profit professional with a 403(b) retirement account? At Platinum Financial Associates, we understand the unique challenges and opportunities that come with managing a 403(b) in Chicago. We’re here to help with every aspect of managing this account.
Our Chicago 403(b) Investment Management Services
We offer a comprehensive range of 403(b) investment management services designed to help individuals in Chicago take control of their retirement savings:
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Personalized 403(b) Investment Strategy
We'll work closely with you to develop a customized investment strategy for your 403(b) that aligns with your financial goals, risk tolerance, and timeframe. We'll analyze your existing 403(b) investments and recommend adjustments to optimize your portfolio for growth and potential tax efficiency.
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403(b) Investment Advisory Services​
We offer ongoing investment advisory services to help you make strategic decisions on your 403(b) investments. Our team of experienced financial advisors will provide guidance on investment selection, asset allocation, and rebalancing strategies to help you stay on track with your retirement goals.
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403(b) Investment Management for Terminated Employees
We understand that leaving a job can be stressful, and we're here to provide support and guidance for terminated employees in Chicago. We'll help you navigate the complexities of your 403(b) so you can make the best decisions about your retirement savings.
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Ready to Take Control of Your 403(b)?
Contact Platinum Financial Associates today to schedule a complimentary consultation and discover how our Chicago 403(b) investment management services can help you manage your retirement savings with confidence.
What 403(b) Options Do You Have?
When you leave a job, you have several options for your 403(b) account. Here is a breakdown of the most common choices:
Leave It with Your Former Employer
This option may be ideal if your employer's plan offers low fees and a wide range of investment choices that align with your goals. However, keep in mind that you may have limited control over your investments, and you might be subject to the plan's restrictions.
Roll It Over to an IRA
Rolling over your 403(b) to an IRA allows you to have greater control over your investments and potentially access a broader range of investment options. In some cases, this option can also offer lower fees.
Cash Out Your 403(b)
Cashing out your 403(b) is generally not recommended, as you'll likely face taxes and penalties. It can also deplete your retirement savings and make it more difficult to achieve your financial goals.
Roll It Over to Your New Employer’s Plan
Roll over the assets to his/her new employer’s plan, if one is available and rollovers are permitted.
The Importance of Diversifying Your 403(b)
Diversification is a key principle of sound investment management. This means spreading your investments across different asset classes, such as stocks, bonds, and real estate, to manage risk. With a 403(b), it's essential to ensure your portfolio is diversified to potentially help mitigate losses and enhance returns over the long term.
Our seasoned investment advisors at Platinum Financial Associates can help you create a diversified 403(b) portfolio that aligns with your goals and risk tolerance. We'll consider factors like your time horizon, investment objectives, and overall financial situation to develop a strategy that's right for you.
All investing involves risk including loss of principal. No strategy assures success or protects against loss. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
What Is a 403(b) Rollover, and How Does It Work?
A 403(b) rollover is a process of transferring your retirement savings from your former employer's plan to a new account, such as an IRA or a new employer's plan. This can be done directly, meaning the money is transferred from one account to another without being distributed to you, or indirectly, where you receive a distribution from your former employer's plan and then roll it over to a new account. We’ll help you decide which is the best option for your situation.
What Are the Tax Implications of a 403(b) Rollover?
If you roll over your 403(b) to an IRA or a new employer's plan, the transfer is generally tax-free. However, if you cash out your 403(b), you'll likely face taxes and penalties.
What Are Common 403(b) Fees?
Fees associated with your 403(b) can significantly impact your overall returns. It's crucial to understand the fees you're paying to ensure they’re reasonable. Rest assured that we'll help you analyze your 403(b) fees and identify any potential areas for cost savings.
Why Choose Platinum Financial Associates for 403(b) Investment Management in Chicago?
At Platinum Financial Associates, we understand that your retirement savings are a crucial part of your financial future. No matter where you are on your financial journey, we're committed to providing personalized guidance and support to help you pursue your retirement goals.
Experienced Advisors
Our team of financial advisors has extensive experience in 403(b) investment management and is dedicated to helping you make informed decisions.
Comprehensive Services
We offer a comprehensive range of services, from rollovers and transfers to investment advisory and distribution planning.
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Fiduciary Duty
As fiduciaries, we're legally and ethically obligated to act in your best interests. You can trust that we'll always put your needs first.
Meet Our Team of Dedicated
Financial Professionals
Our team of skilled financial advisors and CPAs is dedicated to providing you with personalized guidance and support every step of the way. We always take the time to understand your unique needs and goals, working collaboratively with you to develop and implement investment strategies that align with your vision for the future.
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Susan S. Lewis
Founder & CPA
Experienced tax professional with a passion for helping businesses thrive.
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Diane Williams
Administrative Associate
Efficient and organized support professional, ensuring smooth operations.
FAQ About 403(b) Investment Management in Chicago
What are the considerations of rolling over my 403(b) to an IRA?
Rolling over your 403(b) to an IRA can provide greater investment flexibility, potentially lower fees, and more control over your investments. You'll also have access to a broader range of investment options, including mutual funds, ETFs, and individual stocks.
How can I choose the right investment advisor for my 403(b)?
When choosing a 403(b) investment advisor in Chicago, always consider their experience, investment philosophy, fee structure, and fiduciary duty. Fiduciary means they are legally obligated to act in your best interests. You should also ask about their investment track record, their approach to risk management, and their communication style.
What are the differences between a 401(k) and a 403(b)?
While both are retirement savings plans, they have key differences.
- Eligibility: 401(k)s are for employees of for-profit companies, while 403(b)s are for employees of non-profit organizations, public schools, and certain tax-exempt entities.
- Contribution Limits: The contribution limits for 401(k)s and 403(b)s are generally the same, but there may be slight variations.
- Investment Options: 403(b)s often have more limited investment options compared to 401(k)s, but this can vary depending on the plan.
Can I contribute to both a 403(b) and an IRA?
Yes, you can contribute to both a 403(b) and an IRA, as long as you don't exceed the annual contribution limits for each plan. This strategy of contributing to both allows you to diversify your retirement savings and potentially take advantage of different tax benefits.
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Schedule Your Free Consultation Today
Ready to discuss your 403(b) options and explore how our team can benefit you? Contact Platinum Financial Associates today to schedule a complimentary consultation with us.
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