Retirement Planning Binghamton NY

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.

Peyton Hawkes
Hawkes Fee Only Advisors
(607) 773-8055
721 Chenango Street
Binghamton, NY
Expertises
Ongoing Investment Management, Middle Income Client Needs, Advising Medical Professionals, College/Education Planning, Insurance Related Issues, including Annuities, Socially Responsible Investments
Certifications
NAPFA Registered Financial Advisor

Cynthia Elinoff
CSE Capital Management
(607) 748-6334
409 Hooper Road
Endwell, NY
Expertises
Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, MS

Mr. Stephen P. Feehan, CFP®
(607) 231-7300
99 Hawley St
Binghamton, NY
Firm
Northwestern Mutual Wealth Management Company
Areas of Specialization
Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Wealth Management
Key Considerations
Average Net Worth: $5,000,001 or more

Average Income: $500,001 - $1,000,000

Profession: Self-Employed Business Owners

Data Provided by:
Mr. Frank S. Lucia, CFP®
(607) 238-1822
31 Lewis St.
Binghamton, NY
Firm
Ameriprise Financial Services, Inc.
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: $100,001 - $250,000



Data Provided by:
Mr. Ronald D Williamson, CFP®
(607) 238-7354
37 Front St
Binghamton, NY
Firm
Covenant Wealth Advisors, LLC
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Estate Planning, General Financial Planning, Insurance Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Harold Sasnowitz
Professional Asset Strategies, LLC
(607) 238-7718
33 Lewis Road
Binghamton, NY
Expertises
Ongoing Investment Management, Retirement Plan Investment Advice, Advising Employee Benefit Plan Participants, College/Education Planning, Estate & Generational Planning Issues, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, BSEE, CFP®, MBA, MS

Mr. Charles Lesko Jr., CFP®
(607) 724-2421
PO Box 1890
Binghamton, NY
Firm
Lesko Financial Services Inc
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. Troy G Sebeck, CFP®
49 Court Street
Binghamton, NY
Firm
morgan stanley

Data Provided by:
Mr. Anthony A. O'Connor, CFP®
(607) 770-3800
22C Riverside Dr
Binghamton, NY
Firm
OConnor Investments Inc

Data Provided by:
Mr. Harold Sasnowitz, CFP®
(607) 238-7718
33 Lewis Rd
Binghamton, NY
Firm
BCR Wealth Strategies
Areas of Specialization
Education Planning, General Financial Planning, Investment Management, Retirement Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: $100,001 - $250,000

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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