Michael J. Santoro
Having completed the rigorous curriculum necessary to achieve his Chartered Life Underwriter® (CLU®) designation, Mr. Santoro brings a wealth of experience and knowledge in service to his clients. A graduate of Hofstra University with a bachelor's degree in Business Administration and a concentration in accounting, Mr. Santoro focuses on retirement income planning for Nassau County pre-retirees. Located in Jericho Atrium for nearly two decades, Mr. Santoro, Treasurer at Preferred Financial of New York, has built a clientele among individuals in Nassau County, including pre-retirees who commute to Manhattan daily and those employed at local companies with a large presence in Long Island, including GEICO, Cabevision, Home Depot, Computer Associates, Canon, and North Shore Long Island Health System. For a 55- or 60-year old leaving a large corporate retirement plan, Mr. Santoro offers assistance on rolling over qualified plan assets into a tax-deferred IRA account that preserves your tax benefits and he offers ongoing advice and a relationship with an experienced financial professional you can trust. Mr. Santoro also focuses on establishing 401(k) plans for small businesses in Long Island. Nassau County and Suffolk's business community is dominated by small businesses, and he advises entrepreneurs on fulfilling their obligation as fiduciaries of employee 401(k) plans. Over many years, he has acquired specialized knowledge in the field of employee benefits, working with small business owners, life and health insurance brokers, and property and casualty brokers, In addition, Mr. Santoro also advises Long Island small-business owners on personal financial planning and investing. Mr. Santoro manages retirement assets, possesses an extensive knowledge of the fixed and variable annuity marketplace. Mr. Santoro has been an officer and partner of Preferred NY Financial Group since its inception. With his guidance, Preferred has remained an independent financial services firm on Long Island and counseled individuals locally for nearly two decades through good and bad times.
Before deciding whether to retain assets in an employer plan or roll over to an IRA an investor should consider various factors including, but not limited to, investment options, fees and expenses, services, withdrawal penalties, protection from creditors and legal judgments, required minimum distributions, possession of employer stock and reduction/elimination of guaranteed benefits from the pension plan.
