Page 53 - February 2021

An article from a Chicago Lodge 7 Magazine sponsor
Know your options to reach your retirement goals
When you think of your future after retiring from the police force, what do you see? More traveling, spend- ing time with family or maybe even trying another line of work? Even if you aren’t sure how you want to spend those years, or if retirement seems far away, starting to plan early is key to affording
the life you envision.
Know your current benefits
investment vehicle or assisting with additional needs like educa- tion planning for your children.
Options for your previous employer 401(k) may include: leave the money in the plan, if permitted, roll over the assets to a new employer plan, roll over the assets to an IRA, cash out the ac- count value. Be sure to weigh the pros and cons of all avail-
able options before making a decision.
A financial professional can also help you to navigate
the complex matters of taxes, deferral limits and minimum distributions. COUNTRY Financial is here to help you plan for life’s expected and unexpected events. Our financial rep- resentatives are backed by a team of experts to travel with you along life’s journey. And COUNTRY is no stranger to working with first responders like you — we are a proud supporter of Chicago Po- lice Memorial Foundation and Chicago’s Battle of the Badges event, which raises funds for local first responder charities, and full-time first responders are also eligible for a discount on their home and auto insurance policies. Our financial representatives are located in and around Chicago and are available to meet with you and discuss
your needs and goals.
Steve Phillips, financial representative at COUNTRY Financial, grad- uated Hillsdale College with a Financial Management degree and has been in the financial services industry for 20 years. At Country Financial, Steve takes great pride in sitting down with families and putting them in a better position. To learn more, call 312-846-4722 or email steve.phillips@countryfinancial.com. COUNTRY Finan- cial® does not give tax or legal advice. Please consult your attorney or tax advisor regarding your specific situation.
It starts with understanding what benefits
you have as a Chicago Police Officer. CPD offi- cers are offered a 457(b) deferred compensation plan from the City of Chicago. This plan offers a
wide range of investment options (learn more at www.chicagode- ferredcomp.com). The plan withholds a portion of the employee’s paycheck until a specified date, and no taxes will be due until dis- tribution at retirement. This allows your account balance to grow tax-deferred.
Additionally, Chicago police officers are offered a pension plan, which is a defined benefit plan with a monthly income based on age and years of service. Employees contribute a percentage of their salary to the plan. At retirement, the pension is subject to fed- eral taxation but exempt from Illinois state taxation.
Plan now for future financial goals
Do you know what options you have after retirement or leave of service to continue saving for your future goals? With careful plan- ning, a financial professional can help you determine your needs and help you to find a tailored solution that best fits your situation and your goals, which may include rolling over funds into another
STEVE PHILLIPS
Finance
CHICAGO LODGE 7 ■ FEBRUARY 2021 53