Retirement Planning Cranston RI

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.

Rebecca Preston
Preston Financial Planning
(401) 421-1777
251 Olney Street
Providence, RI
Expertises
Middle Income Client Needs, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®

Maxine Johnson
Foresight Personal Financial Planning, LLC
(508) 728-9454
P.O. Box 1059
Attleboro, MA
Expertises
Estate & Generational Planning Issues, Ongoing Investment Management, Investment Advice without Ongoing Management, Socially Responsible Investments, Retirement Planning & Distribution Rules, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, CFP®, CTFA, MBA

Mr. Thomas J. Bottone Jr., CFP®
(401) 943-0384
2000 Chapel View Blvd Ste 380
Cranston, RI
Firm
Oceanstate Financial Services

Data Provided by:
Mr. Paul J. Di Palma, CFP®
(401) 946-9905
1000 Chapel View Boulevard
Cranston, RI
Firm
Ameriprise Financial Services, Inc.
Areas of Specialization
Comprehensive Financial Planning, Retirement Income Management, Retirement Planning, Wealth Management, Women's Finances
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Business Executives

Data Provided by:
Mr. Richard V. Marinaro, CFP®
(401) 943-7424
44 Blossom Dr
Cranston, RI

Data Provided by:
Angela Thomson
Coastal Financial Planning, Inc.
(401) 727-8151
12 Breakneck Hill Road, Suite 100
Lincoln, RI
Expertises
Retirement Plan Investment Advice, Ongoing Investment Management, Retirement Planning & Distribution Rules, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, BA, CFP®

Mr. Michael A. Langlois, CFP®
(401) 463-3150
55 Bald Hill Rd
Cranston, RI
Firm
Strategic Financial Group

Data Provided by:
Mr. Clifford J. Deck, CFP®
(401) 781-1040
63 Sockanosset Cross Rd
Cranston, RI
Firm
Clifford J. Deck, CPA, Inc.
Areas of Specialization
Accounting, Asset Allocation, Comprehensive Financial Planning, Estate Planning, General Financial Planning, Insurance Planning, Investment Management
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Not Applicable

Data Provided by:
Mr. Gerald Edward Long, CFP®
(401) 615-8647
17 Red Barn Court
Cranston, RI
Firm
Long Wealth Management
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning, Elder Care

Data Provided by:
Mrs. Heather L Kendra, CFP®
(401) 572-3759
1150 New London Ave
Cranston, RI
Firm
AMERIPRISE FINANCIAL
Areas of Specialization
Asset Allocation, Budget Development, Comprehensive Financial Planning, Divorce Issues, Education Planning, Elder Care, Estate Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

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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