Retirement Planning Austin 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.

Christopher Van Slyke
Trovena LLC
(800) 620-4232
100 Congress Ave.
Austin, TX
Expertises
Ongoing Investment Management, Charitable Giving - Trusts & Foundations, Helping Clients Identify & Achieve Goals, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®

W. Eric Hehman
Austin Asset Management Company
(512) 453-6622
7200 North Mopac, Suite 315
Austin, TX
Expertises
Ongoing Investment Management, Advising Medical Professionals, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®

John Henry McDonald
Austin Asset Management Company
(512) 453-6622
7200 North Mopac, Suite 315
Austin, TX
Expertises
Estate & Generational Planning Issues, Insurance Related Issues, including Annuities
Certifications
NAPFA Registered Financial Advisor, CFP®, RFC

Gregory Van Wyk
Austin Asset Management Company
(512) 453-6622
7200 North Mopac, Suite 315
Austin, TX
Expertises
Ongoing Investment Management, College/Education Planning, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues, Advising Medical Professionals, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, CFP®, LHIC

Kevin O'Shea
Austin Financial Advisors, Inc.
(512) 347-8463
8310-1 North Capital of Texas Highway, Suite 305
Austin, TX
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Advising Employee Benefit Plan Participants, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, MA

Neil Vannoy
Vannoy Advisory Group, Inc.
(512) 515-1163
3101 Bee Caves Rd
Austin, TX
Expertises
Hourly Financial Planning Services, Investment Advice without Ongoing Management, Ongoing Investment Management, Retirement Planning & Distribution Rules, Planning Issues for Business Owners, College/Education Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

M. Carleton McHenry
McHenry Capital, LLC
(888) 968-9815
1000 San Marcos, Suite 434
Austin, TX
Expertises
Helping Clients Identify & Achieve Goals, Financial Issues Between Generations, Retirement Planning & Distribution Rules, Ongoing Investment Management, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®

Michelle Miller
Michelle R. Miller, CPA, CFP, PC
(512) 657-6519
6505 Laurelwood Drive
Austin, TX
Expertises
Women's Financial Planning Issues, Planning Issues for Unmarried & Same-Sex Couples, Tax Planning, Helping Clients Identify & Achieve Goals, Advising Entrepreneurs, Newlyweds & Novice Investors
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA

Jon King
Pegasus Financial Solutions, LLC
(512) 329-2105
1250 Capital of Texas Hwy South Bldg 3 Ste 400
Austin, TX
Expertises
Hourly Financial Planning Services, Helping Clients Identify & Achieve Goals, Investment Advice without Ongoing Management, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS

James Coffman
Austin Asset Management Company
(512) 453-6622
7200 North Mopac, Suite 315
Austin, TX
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFA, CFP®, CPA/PFS

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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