Retirement Planning Bloomington IL

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.

Garry Good
Good Financial Advisors
(309) 661-1375
33 Hodgehaven Circle
Bloomington, IL
Expertises
Hourly Financial Planning Services, Retirement Planning & Distribution Rules, Helping Clients Identify & Achieve Goals, College/Education Planning, Investment Advice without Ongoing Management, Middle Income Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Mr. Garry R. Good, CFP®
(309) 661-1375
33 Hodgehaven Cir
Bloomington, IL
Firm
Good Financial Advisors
Areas of Specialization
Asset Allocation, General Financial Planning, Retirement Planning, Social Security Planning

Data Provided by:
Mr. Ronald R. Guthoff, CFP®
(309) 662-4356
2710 E Lincoln St
Bloomington, IL
Firm
Guthoff Mehall Allen & Company

Data Provided by:
Ms. Diane J. Ryon, CFP®
(309) 662-7111
510 IAA Dr
Bloomington, IL
Firm
American Capital Equities

Data Provided by:
Mrs. Carol A. Burroughs, CFP®
(309) 451-9135
508 Amherst Dr
Normal, IL
Firm
Forward Financial Planning, LL
Areas of Specialization
General Financial Planning, Investment Planning, Retirement Planning

Data Provided by:
Mr. Roland J. Thoma, CFP®
(309) 660-1940
1 Strawberry Rd
Bloomington, IL
Areas of Specialization
Accounting, Business Succession Planning, Divorce Issues, Estate Planning, General Financial Planning, Insurance Planning, Investment 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:
Mr. Duane A. Kolbus, CFP®
(309) 825-8619
1705 Towanda Ave
Bloomington, IL
Firm
Country Financial

Data Provided by:
Mr. Bryan J. Crabtree, CFP®
(309) 454-1200
1713 Fort Jesse Rd Ste F
Normal, IL
Firm
Crabtree Financial Services, LLC
Areas of Specialization
Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning, Investment Management

Data Provided by:
Mr. David M. Deneen, CFP®
(309) 662-8575
1705 Tullamore Ave Ste B
Bloomington, IL
Firm
WELLS FARGO ADVISORS

Data Provided by:
Mr. Frank J. Zawatski, CFP®
(309) 825-0208
508 Amherst Drive
Normal, IL
Firm
Forward Financial Planning LLC
Areas of Specialization
Comprehensive Financial Planning
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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