Retirement Planning Columbus OH

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.

John Davidson
Kyleshill Financial Planning
(614) 395-1295
330 W. Spring Street, Suite 205
Columbus, OH
Expertises
Advising Entrepreneurs, Ongoing Investment Management, Planning Concerns for Corporate Executives, Planning Issues for Business Owners, Professional Athletes or Entertainers, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA, MBA

Richard Caw
The Sherrington Group
(614) 485-2000
1328 Dublin Road, Suite 410
Columbus, OH
Expertises
Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Planning Issues for Business Owners, Ongoing Investment Management, Helping Clients Identify & Achieve Goals, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, AIF, CFP®

Peggy Ruhlin
Budros, Ruhlin & Roe, Inc.
(614) 481-6900
1801 Watermark Drive, Suite 300
Columbus, OH
Expertises
Ongoing Investment Management, Advising Medical Professionals, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, CPA/PFS

Connie Demers
Demers Financial Planning
(614) 451-4505
2929 Kenny Road, Suite 190
Columbus, OH
Expertises
Ongoing Investment Management, Divorce Planning, Tax Planning
Certifications
NAPFA Registered Financial Advisor, BA, CFP®

John Sestina
John E. Sestina and Company
(614) 326-3077
1161 Bethel Road, Suite 201
Columbus, OH
Expertises
Advising Medical Professionals, Professional Athletes or Entertainers, Estate & Generational Planning Issues, High Net Worth Client Needs, Helping Clients Identify & Achieve Goals, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, ChFc, MSFS

Joel Oles
The Sherrington Group
(614) 485-2000
1328 Dublin Road, Suite 410
Columbus, OH
Expertises
Tax Planning, Planning Issues for Business Owners, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, BA, CPA/PFS

James Budros
Budros, Ruhlin & Roe, Inc.
(614) 481-6900
1801 Watermark Drive, Suite 300
Columbus, OH
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, ChFc, MBA, MS

Carol Friedhoff
Savvy Outcomes
(614) 580-9926
2720 Airport Dr.
Columbus, OH
Expertises
Middle Income Client Needs, Newlyweds & Novice Investors, Cash Flow/Budgets/Credit Issues, Women's Financial Planning Issues, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, CFP®, MS

William Leuby
Hamilton Capital Management, Inc.
(614) 273-1000
5025 Arlington Centre Boulevard Suite 300
Columbus, OH
Expertises
Estate & Generational Planning Issues, Planning Issues for Unmarried & Same-Sex Couples, Planning Issues for Business Owners, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA, JD

Thresa Alexander
Alexander Financial Planning, Inc.
(614) 538-1600
1570 Fishinger Road, Suite 200
Columbus, OH
Expertises
Helping Clients Identify & Achieve Goals, Middle Income Client Needs, Retirement Plan Investment Advice, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®, MS

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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