Retirement Planning Birmingham AL

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.

Charles Haines
Kinsight, LLC
(205) 871-3334
600 University Park Place, Suite 501
Birmingham, AL
Expertises
Charitable Giving - Trusts & Foundations, Alternative or Private Investments, Estate & Generational Planning Issues, High Net Worth Client Needs, Ongoing Investment Management, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, MBA

Eric McClain
Wesban Financial Consultants, P.C.
(205) 995-7778
1800 Providence Park, Suite 200
Birmingham, AL
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, Retirement Planning & Distribution Rules, Helping Clients Identify & Achieve Goals, Estate & Generational Planning Issues, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®

Bryan Hancock
Timberchase Financial, LLC
(205) 980-7118
1211 Edenton Street
Birmingham, AL
Expertises
Advising Medical Professionals, High Net Worth Client Needs, Retirement Planning & Distribution Rules, Tax Planning, Planning Issues for Business Owners, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc, MBA

B. Alan Gaylor
Alder Financial Group
(205) 988-5881
924 Riverchase Pkwy West
Birmingham, AL
Expertises
Retirement Plan Investment Advice, Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Planning Issues for Business Owners, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Mr. Ted Pewitt, CFP®
(205) 453-0225
2101 Highland Ave S
Birmingham, AL
Firm
Anderson Pewitt & Associates
Areas of Specialization
Budget Development, Comprehensive Financial Planning, Debt Management, Education Planning, General Financial Planning, Investment Management, Investment Planning

Data Provided by:
Stewart Welch
The Welch Group, LLC
(205) 879-5001
3940 Montclair Road, 5th Floor
Birmingham, AL
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, Estate & Generational Planning Issues, Advising Medical Professionals, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc, CLU

Gary Clark
Clark Planning & Investment Advisory
(205) 981-1120
1900 Providence Park, Suite 200
Birmingham, AL
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Tax Planning, Retirement Plan Investment Advice, Planning Issues for Business Owners, Middle Income Client Needs
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, ChFc, CPA/PFS

Donna Gordon
Wesban Financial Consultants, P.C.
(205) 995-7778
1800 Providence Park, Suite 200
Birmingham, AL
Expertises
Helping Clients Identify & Achieve Goals, Ongoing Investment Management, Tax Planning, Cash Flow/Budgets/Credit Issues, Women's Financial Planning Issues, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, CFP®, RFP

Mr. James F. Beall Jr., CFP®
(205) 443-2500
2208 University Blvd
Birmingham, AL
Firm
L Paul Kassouf & Company

Data Provided by:
Mr. Howard W. Neiswender, CFP®
(205) 930-5329
2311 Highland Ave S
Birmingham, AL
Firm
Sirote & Permutt, PC

Data Provided by:
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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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