Retirement Planning Chicago 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.

Leisa Aiken
Veo Financial Counsel, LLC
(312) 265-2220
10 S. Riverside Plaza, Suite 1800
Chicago, IL
Expertises
Hourly Financial Planning Services, Investment Advice without Ongoing Management, Middle Income Client Needs, Women's Financial Planning Issues, Retirement Plan Investment Advice, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA, MBA

Mary Claire Allvine
Brownson, Rehmus & Foxworth, Inc.
(312) 346-3647
200 S. Wacker Drive, Suite 2300
Chicago, IL
Expertises
Ongoing Investment Management, Cash Flow/Budgets/Credit Issues, Estate & Generational Planning Issues, Financial Issues Between Generations, Alternative or Private Investments
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Matthew Murphy
Murphy Capital Advisors, LLC
(312) 474-6496
10 S. Riverside Plaza
Chicago, IL
Expertises
Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®

Cheryl Krueger
Growing Fortunes Financial Partners, LLC
866.550.PLAN (7526)
200 S. Wacker Dr.
Chicago, IL
Expertises
Helping Clients Identify & Achieve Goals, Hourly Financial Planning Services, Middle Income Client Needs, Women's Financial Planning Issues, College/Education Planning, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BS, CFP®

Mark Berg
Timothy Financial Counsel, Inc.
(312) 602-9755
10 South Riverside Plaza
Chicago, IL
Expertises
Hourly Financial Planning Services, Investment Advice without Ongoing Management, College/Education Planning, Retirement Plan Investment Advice, Tax Planning, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®

Joseph Harowski
Smart Choice Financial Planning, Inc.
(312) 893-5426
125 S. Wacker Dr., Ste. 300,
Chicago, IL
Expertises
Middle Income Client Needs, Planning Issues for Business Owners, Retirement Plan Investment Advice, Ongoing Investment Management, Hourly Financial Planning Services
Certifications
NAPFA Registered Financial Advisor, CFP®

Cicily Maton
Aequus Wealth Management Resources
(312) 664-4090
303 W. Erie, Suite 311
Chicago, IL
Expertises
Helping Clients Identify & Achieve Goals, Ongoing Investment Management, High Net Worth Client Needs, Retirement Plan Investment Advice, Divorce Planning, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, BA, CFP®

Jeffrey Kostis
JK Financial Planning, Inc.
(312) 869-2151
20 North Wacker Drive
Chicago, IL
Expertises
Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, Planning Issues for Business Owners, Investment Advice without Ongoing Management, Newlyweds & Novice Investors, Hourly Financial Planning Services
Certifications
NAPFA Registered Financial Advisor, BBA, CDFA, CFP®, CPA/PFS, MAcc

William Keffer
Keffer Financial Planning
(312) 239-1403
222 S. Riverside Plaza, 29th Floor
Chicago, IL
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Middle Income Client Needs, Advising Employee Benefit Plan Participants, Insurance Related Issues, including Annuities, Divorce Planning
Certifications
NAPFA Registered Financial Advisor, CDFA, CFP®, ChFc, CLU, MBA, CRPS

Kristopher Johnson
Timothy Financial Counsel, Inc.
(312) 602-9755
10 South Riverside Plaza
Chicago, IL
Expertises
Hourly Financial Planning Services, Investment Advice without Ongoing Management, College/Education Planning, Retirement Plan Investment Advice, Tax Planning, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®

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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