Retirement Planning Amarillo TX

Planning ahead for retirement is vital for people of all ages who wish to be financially independent once they opt to retire. Money can be allocated to investments or set aside in savings plans in order to avoid being used too early, though investments do involve some degree of risk. Many people save for retirement through employer-sponsored defined contribution plans, such as IRAs, 401(k)s, and profit sharing plans. Other types of plans and DIY retirement planning are also options and all of the available avenues are generally characterized by tax advantages.

Norman Stewart
Total Financial Planning, Inc.
(806) 374-2224
P.O. Box 309
Amarillo, TX
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules, Helping Clients Identify & Achieve Goals, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, BBA, CFP®, CPA

Mr. Douglas M. White, CFP®
(806) 345-1683
410 S Taylor St Fl 2
Amarillo, TX
Firm
Amarillo National Bank / Raymond James
Areas of Specialization
Investment Management, Retirement Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $1,000,001 or more



Data Provided by:
Mr. Nathan W. Murphy, CFP®
(806) 353-0880
301 S Polk St Ste 550
Amarillo, TX
Firm
Murphy Financial Advisors
Areas of Specialization
Comprehensive Financial Planning, Estate Planning, Life Transitions, Retirement Income Management, Retirement Planning, Wealth Management

Data Provided by:
Mrs. Jamie Marie Carroll, CFP®
(806) 372-4285
One First United Bank Parkway
Amarillo, TX
Firm
Pinaacle Financial Group, LPL Financial
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Estate Planning, Investment Management

Data Provided by:
Mr. David A. Jenson, CFP®
(386) 322-6167
5408-A Bell
Amarillo, FL
Firm
Great Nation Investment Corp
Areas of Specialization
Estate Planning, Insurance Planning, Real Estate
Key Considerations
Average Net Worth: $250,001 - $500,000

Average Income: $50,001 - $100,000

Profession: Not Applicable

Data Provided by:
Mrs. Elaine Taylor Hays, CFP®
(806) 371-9188
1520 S Lamar St
Amarillo, TX
Firm
Hays & Hays Inc

Data Provided by:
Mr. Marwan Touma, CFP®
(806) 378-9128
701 S. TAYLOR, SUITE 100
AMARILLO, TX
Firm
BANK OF AMERICA/MERRILL LYNCH
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Education Planning, Estate Planning, General Financial Planning, Insurance Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. Patrick T. Freeman, CFP®
(806) 350-6868
600 S Tyler St Ste 2004
Amarillo, TX
Firm
Freeman Wealth Management
Areas of Specialization
Asset Allocation, Budget Development, Comprehensive Financial Planning, Debt Management, Education Planning, Estate Planning, Investment Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: $250,001 - $500,000

Profession: Self-Employed Business Owners

Data Provided by:
Mr. Steven S. Cox, CFP®
(806) 378-9116
701 S Taylor St Ste 100
Amarillo, TX
Firm
Merrill Lynch
Areas of Specialization
Asset Allocation, Employee and Employer Plan Benefits, Estate Planning, Investment Management, Investment Planning, Retirement Income Management, Retirement Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. Steven R Swicegood, CFP®
(806) 352-3917
2201 Civic Cir Ste 925
Amarillo, TX
Firm
Conscious Money Solutions
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Debt Management, Divorce Issues
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Data Provided by:

Retirement Planning

By: Jonas Zamora
Jonas Zamora is a Certified Financial PlannerTM professional. You may contact him at jzamora@zacks.com

Closing in on retirement?

Are you closing in on retirement? If your goal is to retire in the next five years, you are in that critical stage in the retirement planning cycle. You have to take care of details like your 401(k) distributions or rollover, exercise of stock options, pension distributions, and when to take social security payments. Then there's figuring out what you need to draw out of your investments when that big day arrives. What you do in the first five years after retirement will also play a key role over the following 25-30 years.

First, let's discuss your first steps five years before going off into retirement bliss:

1. Put more money away. I read an article that says we are saving too much for retirement. That is bunk! Let's say your retirement target is 65 years of age. Most of you will be able to and should contribute extra to your 401(k) after reaching 50 years of age. That amount is $15,500 per year plus catch up amount of $5,000. Over a 15-year time frame for someone who is 50 years old today, assuming a 7% annual return, the savings by age 65 amounts to over $500,000. Without the extra $5000 in contributions, you would only have around $376,000.

2. Over the last year to two years before retirement, consider being more conservative in your 401(k). Don't leave a majority of these assets in employer stock! If the market takes a nosedive, you still have a great base to invest and live off of when you retire. Diversify.

3. Remember to exercise those in-the-money stock options. Many folks get so excited about their last day at the office, they forget about exercising the valuable stock options while still profitable.

4. Place money in an emergency fund with 1-2 years worth of living expenses in a cash or CD account....

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