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Retirement Planning Chico CA

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.

Ryan O'Donnell, CFP®
(530) 564-0965
2595 Ceanothus Ave., Suite #186
Chico, CA
Firm
The O'Donnell Group
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Estate Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Kathleen M. Carpenter, CFP®
(530) 892-0253
116 Henshaw Ave
Chico, CA
Firm
RedRock Financial and Insurance 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. Guerdon Tisdale Ely, CFP®
(530) 895-0636
40 Philadelphia Dr
Chico, CA
Firm
Ely Prudent Portfolios LLC
Areas of Specialization
Asset Allocation, Charitable Giving, Estate Planning, Retirement Income Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Steven P. Hoke, CFP®
(530) 879-3276
555 Main St Ste 100
Chico, CA
Firm
Morgan Stanley Wealth Management
Areas of Specialization
Comprehensive Financial Planning, Investment Management, Life Planning, Wealth Management, Women's Finances
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. Mark A. Barrett, CFP®
(530) 894-2244
2111 Forest Ave
Chico, CA
Firm
Barrett Financial Services
Areas of Specialization
Retirement Income Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Mrs. Diane M. Knight, CFP®
(530) 892-0253
116 Henshaw Ave
Chico, CA
Firm
RedRock Financial & Insurance Services, Inc.
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Not Applicable

Data Provided by:
Benjamin D. Knight, CFP®
(530) 892-0253
116 Henshaw Avenue
Chico, CA
Firm
RedRock Financial & Insurance Services, Inc.
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Investment Planning, Life Planning, Long-Term Care
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Michael T. O'Donnell, CFP®
(530) 564-0960
2595 Ceanothus Ave. #186
Chico, CA
Firm
The O'Donnell Group
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Divorce Issues, Education Planning, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Mr. Peter W. Bell Jr., CFP®
(530) 891-1133
1058 Mangrove Ave
Chico, CA
Firm
Stifel Nicolaus & Co., Inc.

Data Provided by:
Mr. Stuart A. Murray, CFP®
(530) 343-0770
35 Jan Court
Chico, CA
Firm
LPL Financial
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Investment Planning, Retirement Income Management, Retirement Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: $50,001 - $100,000

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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