Retirement Planning Champaign 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.

Karen Folk
Bluestem Financial Advisors, LLC
(217) 352-0000
201 W. Springfield Avenue
Champaign, IL
Expertises
Retirement Planning & Distribution Rules, Middle Income Client Needs, College/Education Planning, Cash Flow/Budgets/Credit Issues, Helping Clients Identify & Achieve Goals, Investment Advice without Ongoing Management
Certifications
NAPFA Registered Financial Advisor, CFP®, PhD

Mr. Lewis J. Clausen, CFP®
(217) 351-2870
2101 S. Neil St.
Champaign, IL
Firm
BankChampaign, N.A.
Areas of Specialization
Asset Allocation, Banking, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Debt Management

Data Provided by:
Mr. William R. Davis, CFP®
(217) 356-2424
51 E Marketview Dr
Champaign, IL
Firm
Edward D Jones & Company

Data Provided by:
Caleb Englehardt, CFP®
(217) 351-3624
1806 Fox Drive
Champaign, IL
Firm
Morgan Stanley Smith Barney
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, General Financial Planning, Insurance Planning, Investment Management, Investment Planning, Retirement Income Management, Retirement Planning, Tax Planning

Data Provided by:
Mr. Jacob D. Kuebler, CFP®
(217) 352-0000
201 W Springfield Ave Ste 701
Champaign, IL
Firm
Bluestem Financial Advisors, LLC
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Education Planning, Insurance Planning, Investment Planning, Long-Term Care

Data Provided by:
LaKhaun McKinley
LM Tax & Financial
(217) 355-3652
824 Chickory Drive
Champaign, IL
Expertises
Middle Income Client Needs, Tax Planning, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues, College/Education Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, EA

Mr. Bruce E. Paulsrud, CFP®
(217) 819-4646
201 W Springfield Ave Ste 103
Champaign, IL
Firm
Thrivent Financial for Lutherans
Areas of Specialization
Comprehensive Financial Planning, Education Planning, Insurance Planning, Investment Management, Long-Term Care, Retirement Income Management, Retirement Planning

Data Provided by:
Mr. Donald G Armstrong, CFP®
(217) 351-9000
1807 S. Neil Street
Champaign, IL
Firm
Northwestern Mutual Financial Network
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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



Data Provided by:
Ms. Sharon C Allen, CFP®
(217) 398-1900
115 N Neil St Ste 305
Champaign, IL
Firm
Sterling Wealth Management

Data Provided by:
R Douglas Erhard, CFP®
(217) 363-2915
1807 South Neil Street
Champaign, IL
Firm
Northwestern Mutual

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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