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Yahoo
5 days ago
- Business
- Yahoo
Mesirow's Gary Pattengale Breaks Down Roth IRA Strategies for High Net Worth Investors
Roth conversions can reduce long-term tax exposure, but timing and execution are key. Tax diversification offers flexibility amid shifting tax laws and retirement income needs. We believe personalized planning beats blanket advice when managing wealth through retirement. CHICAGO, June 9, 2025 /PRNewswire/ -- On a recent "Mesirow Monday" radio appearance on WGN's "Your Money Matters" with Jon Hansen, Mesirow Advanced Planning Specialist and Wealth Advisor Gary Pattengale, CFP® outlined the strategic opportunities—and common pitfalls—of Roth accounts and conversions, especially for high net worth individuals focused on long-term wealth optimization. "Taxes shouldn't be an afterthought in retirement planning," noted Gary. "Done right, tax strategy becomes a powerful tool for control, flexibility, and legacy." Roth IRAs and Roth 401(k)s, unlike their traditional counterparts, are funded with after-tax dollars but grow—and can be withdrawn—tax-free. They also aren't subject to required minimum distributions (RMDs), making them a key asset in managing future income and taxes. Gary emphasized the value of tax diversification, holding both Roth and traditional accounts to hedge against future tax rate changes and legislative uncertainty. While Roth conversions are often promoted as a universal solution, Gary cautioned that they can trigger unintended consequences, including higher Medicare premiums, capital gains, or Social Security taxation. He noted that phased conversions—executed during lower-income years, typically post-retirement but pre-RMD—can offer significant benefits when well-timed. "Conversions are not all-or-nothing. Precision matters. Modeling matters," he added. Gary also warned against paying conversion taxes out of the IRA itself: "The moment you reduce the converted amount to pay taxes, you lose much of the long-term upside." Mesirow Wealth Management, the firm's founding capability, provides comprehensive financial planning to help clients evaluate complex decisions and align tax strategy with investment, estate, and philanthropic goals. About MesirowMesirow is an independent, employee-owned financial services firm founded in 1937. Headquartered in Chicago, with offices around the world, we serve clients through a personal, custom approach to reaching financial goals and acting as a force for social good. With capabilities spanning Private Capital & Currency, Capital Markets & Investment Banking, and Advisory Services, we invest in what matters: our clients, our communities and our culture. Mesirow has been named one of the Best Places to Work in Chicago by Crain's Chicago Business multiple times and is one of Barron's Top 100 RIA firms. To learn more, visit follow us on LinkedIn and subscribe to Spark, our quarterly newsletter. Mediamediainquiries@ Michael Herley | 203.308.1409 Mesirow does not provide legal or tax advice. Past performance is not indicative of future results. The views expressed above are as of the date given, may change as market or other conditions change, and may differ from views express by other Mesirow associates. Mesirow refers to Mesirow Financial Holdings, Inc. and its divisions, subsidiaries and affiliates. The Mesirow name and logo are registered service marks of Mesirow Financial Holdings, Inc., © 2025, Mesirow Financial Holdings, Inc. All rights reserved. Investment management services provided through Mesirow Financial Investment Management, Inc., Mesirow Institutional Investment Management, Inc. and Mesirow Financial Private Equity Advisors, Inc., all SEC-registered investment advisor, a CFTC registered commodity trading advisors and member of the NFA, or Mesirow Financial International UK, Ltd. ("MFIUK"), authorized and regulated by the FCA, depending on the jurisdiction. Award recognition disclosures: View original content to download multimedia: SOURCE Mesirow Financial Holdings, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-04-2025
- Business
- Yahoo
Managing student loans amongst federal confusion
SIOUX FALLS, S.D. (KELO) – The US Department of Education is headed toward some major changes as the Trump Administration proceeds with it's plan to dismantle the agency. In March, the President signed an executive order to return the power over education to the states. Trump also announced the Small Business Association will take over the responsibility of handling the federal student loan programs. 'We have a portfolio that's very large, lots of loans, uh, tens of thousands of loans, pretty complicated deal,' President Donald Trump said in March. 'And that's coming out of the Department of Education immediately and it's gonna be headed up by Kelly Loeffler SBA and they're all set for it. They're waiting for it and it'll be serviced much better than it has in the past. It's been a mess.' State to seek possible land sites for prison project Some experts have warned this order could throw student loans into disarray and lead to frustration for borrowers. In this Your Money Matters, we sit down with a financial advisor to find out what borrowers should know amid the confusion. Lutheran Social Services in Sioux Falls offers a variety of resources for people in the community. There's even a Center for Financial Resources, and program director Sara Ramirez says one of the things they counsel people on is student loans. 'It's gotten trickier over probably the past five years to navigate with all the options that have come out, so just helping individuals look at their individual loans and what options they have specifically,' Ramirez said. Ramirez says anytime there's a shift or change in systems there's potential for errors in data transfer. So, she recommends people keep track of their student loans. 'Keep track of your payment history, proof of payments, your bank statements, things that show that you made your payments,' Ramirez said. 'There's also, on the student loan website, there's a place where you can download your data file that gives you a whole list of all your federal student loans, all the details and statuses and stuff like that.' One thing borrowers might be considering right now is refinancing their federal loans into a private entity. 'We always caution people to really weigh the pros and cons when they look at that because you're moving your then federal student loans to private, meaning you're going to permanently lose any federal benefits that you may have. I know those are kind of questionable right now but by refinancing you're going to lose them,' Ramirez said. She says people who need some help navigating the student loan confusion can seek help at LSS. 'For us as consumers, it's taking care of what is in front of you and what you've got and what you've got control over,' Ramirez said Something else that's been up in the air for some borrowers is the Saving on a Valuable Education Plan and parts of other income-driven repayment plans after a federal court issued an injunction preventing the Department of Education from implementing them. However, as of March 26, the online applications for some income-driven repayment plans have become available again, as well as the online loan consolidation application. The Department of Education is also currently reviewing an executive order that would alter the public service loan forgiveness program. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
12-03-2025
- Business
- Yahoo
Grocery shoppers managing higher prices
SIOUX FALLS, S.D. (KELO) — In February, the Consumer Confidence Index in the United States fell by seven points. Plus, a CBS poll found that a large majority of Americans say their incomes aren't keeping pace with inflation. In this Your Money Matters we stop by Sunshine Foods in Sioux Falls to talk with shoppers about the sticker shock they're experiencing. Summit League tourney draws 63,000 in 2025 Groceries are something we all need to buy, but many people are feeling a pinch in their wallet when looking at prices. 'They're up. They're up,' O'Neil said. 'And for somebody that doesn't have that much money, it's hard.' 'For awhile there it honestly felt like things were going down, my dollar was going a little further and then just like within the last month things spiked back up,' shopper Amanda Carlson said. 'I mean, my goodness, talk about the price of eggs like I had six dollars for a dozen. I don't think I've ever seen that.' The nationwide shortage of eggs due to the bird flu is ongoing, but customers say eggs aren't the only things getting more expensive. 'Kind of everything — the meat, the legumes, the fruit. Everything,' shopper Carmen Ortiz said. Inflation has many people changing their spending habits. 'I'm looking for more of the off-brand products that are a little bit cheaper than the name brand products because the name brand products seem to have gone up exponentially more than the valued items that are on the shelf,' shopper Gary Long said. 'People call them generic, but I don't, it's still food.' 'I mean, definitely checking out the coupons more,' Carlson said. 'Definitely weighing the cost on generic versus not or, you know, kind of pivoting and making certain meals different weeks when things are on sale.' 'Buying less and being less wasteful,' Ortiz said. Doing what they can to save a few bucks here and there. 'You have to. It's plain and simple as that,' O'Neil said. A Money Study recently done by Wells Fargo found people are also delaying major life plans like traveling, buying a home or getting married. The study also found that there are certain pieces of financial advice that Americans are sick of hearing — like getting a side hustle. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
