Page 28 - FOP September 2016

RETIREE Pages
A word about retirement planning
From the Theresa Hannon Financial Group
Serve and protect: It is, of course, what CPD officers do. But members of Chicago Lodge 7 also face the more personal need to build and protect their finances – and, in that way, provide security for themselves and their families. In this article, we will be answering some questions about building and protecting your finances through retirement planning.
I hear a lot about the retirement plan. Can you
tell me what that is? What if I am nearing re- tirement? Is it too late to get started?
A retirement plan begins with your pension plan, of course, but a good retirement plan is a financial roadmap created specifically for you – a strategy that will help you achieve your retirement dreams and goals. It is never too late to get started. The only mistake you can make is not making a plan that is sustainable and structured to help you achieve your dreams and goals.
I’m 45 years old and concerned about my retirement.What should I do?
The most important thing you can do is to take advantage of all of the plans the CPD offers. Especially, be certain to take advantage of all the pre-tax fringe benefits available to you. As part of this process, I encourage you to “stretch” a bit by tightening up on your disposable cash flow and placing the “extra” dollars you will have in retirement accounts. You will make it work because you know you will be saving for your retirement.
Other than my pension, I am doing no other retirement savings. Should I be doing more?
The answer depends on your age. If you’re younger than 55, you want to be saving monthly in a non-qualified account to supplement your retirement plan. We also want to make sure that you are maximizing the growth of your portfolio. This may require some review and repositioning of your
savings-investment funds to allow the opportunity to grow your net worth. If you’re 55 or older, the key is to maximize all disposable cash toward retirement savings, and to make sure the investments are “working as hard as possible” while you are still working. We should look for growth-oriented in- vestments that will allow you to maximize the benefits of the market and grow what you have, as quickly as possible — all the while mitigating risk as much as possible.
What are some paths or plans that I can take to supple- ment my retirement income?
The most important strategy in retirement savings, starting as young as possible, is called Dollar Cost Averaging. This is a strategy in which you save the same amount monthly — no matter what the markets do. This disciplined approach to investing results in your purchasing additional shares when prices are lower. This is a proven strategy to help grow your portfolio and to help maximize the growth. Additional- ly, different investment vehicles offer different benefits that can help supplement retirement income. I suggest meeting with an advisor to review your needs and understand your options. Many investments are available only through indi- viduals who have the proper, required licenses.
I’m hearing stories all the time about officers who retire from the Department but have to keep on working. How do I know if I have enough money to take care of my retire- ment?
By meeting with a qualified financial advisor, you can deter- mine where your finances are today and what you need to do to achieve your retirement dreams and goals. d
THFG welcomes the opportunity to review your situation with you. We offer a one-hour free consultation. Call 630-690- 4100 to schedule an appointment. Securities offered through American Portfolios Financial Services, Inc. Member FINRA/ SIPC.
THERESA M HANNON, CPA, CDFA
Honoring Retired Sisters and Brothers
April 2016 Retirees (Names added since the August issue)
Remembering Deceased Sisters and Brothers
Name
Berry, Joe E.
Davis, Darrell Q. Martin, Steven J. Mejia,Anthony O’Donnell, Christine M. Parker,AngelaK. Sonley, John W. Sparano, Frederick K. Vujic, Milan
Rank
FTO Officer Officer Officer Officer Officer Officer Detective Sergeant
Dist. Yrs
006 30 050 25 002 26 009 25 016 20 001 25 002 30 630 30 004 30
Anthony C. Serritella, 76 Charles D. Fuller, 81 Anthony Leodoro, 89 George A. Indelli, 93 James P. Williamson, 65 HenryA.Nowak,72 Andrew J. Kuelbrich, 87 FrankT.Circo,89
Ruby D. Falcon, 31 Richard K. Huels, 79 Peter A. Deskovich, 66 Wayne W. Andrews, 63
Melvin H. Shelton, 75 Anthony L. Agnoli, 80 Christine A. Wasik, 63 Ronald Howell, 69 David M. Weitzman, 68 Richard J. Shore, 77 John J. Mahoney, 87 William H. Jones, 77 Michael J. Flaherty, 75 George F. Heisler, 86 Donald S. Clark, Sr., 83
28 CHICAGO LODGE 7 ■ SEPTEMBER 2016