Retirement Planning Clifton NJ

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.

Lauren Locker
Locker Financial Services, LLC
(973) 256-2555
50 East Main Street, Ste 5
Little Falls, NJ
Expertises
Ongoing Investment Management, Middle Income Client Needs, Financial Issues Between Generations, Planning Issues for Unmarried & Same-Sex Couples, Women's Financial Planning Issues, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, CSA, RFG

James Kearney
Quadrant Capital Management, LLC
(973) 783-8032
7 North Mountain Avenue
Montclair, NJ
Expertises
High Net Worth Client Needs, Retirement Planning & Distribution Rules, Planning Concerns for Corporate Executives, Estate & Generational Planning Issues, Ongoing Investment Management, Charitable Giving - Trusts & Foundations
Certifications
NAPFA Registered Financial Advisor, CFP®, CTFA

Cary Carbonaro
Stonegate Wealth Management, LLC
(201) 791-0085
17-17 Route 208
Fair Lawn, NJ
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, Women's Financial Planning Issues, Retirement Planning & Distribution Rules, Charitable Giving - Trusts & Foundations, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, MBA

Karl Graf
Graf Financial Advisors, LLC
(973) 633-9199
1680 Route 23 Suite 110
Wayne, NJ
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, CPA/PFS

Roger Streit
Key Financial Solutions, LLC
(800) 840-0718
101 Eisenhower Parkway
Roseland, NJ
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Planning Issues for Business Owners, College/Education Planning, Middle Income Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Stephen Craffen
Stonegate Wealth Management, LLC
(201) 791-0085
17-17 Route 208
Fair Lawn, NJ
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, CDFA, CFA, ChFc, CLU, MBA, MS

Victor Cannillo
Baron Financial Group, LLC
(866) FEE-ONLY (333-6659)
16-00 Route 208 South
Fair Lawn, NJ
Expertises
Retirement Planning & Distribution Rules, Real Estate Investments, Special Needs Planning, Helping Clients Identify & Achieve Goals, High Net Worth Client Needs, Financial Issues Between Generations
Certifications
NAPFA Registered Financial Advisor

James Shagawat
Baron Financial Group, LLC
(866) FEE-ONLY (333-6659)
16-00 Route 208 South
Fair Lawn, NJ
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Advising Entrepreneurs, High Net Worth Client Needs, Helping Clients Identify & Achieve Goals, Special Needs Planning
Certifications
NAPFA Registered Financial Advisor, BA, MBA

Martin Shenkman
Martin M. Shenkman, PC
(201) 845-8400
4 Forest Avenue, 2nd Floor
Paramus, NJ
Expertises
Estate & Generational Planning Issues, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CPA, JD, MBA

V. Peter Traphagen
Traphagen Investment Advisors, LLC
(201) 262-1040
234 Kinderkamack Road
Oradell, NJ
Expertises
Cash Flow/Budgets/Credit Issues, Planning Issues for Business Owners, Divorce Planning, Estate & Generational Planning Issues, Ongoing Investment Management, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CPA/PFS

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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