Retirement Planning Dothan AL

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 G Ruddock, CFP®
(334) 803-0376
303 Regency Ct.
Dothan, AL
Firm
LPL Financial

Data Provided by:
Mr. James Calvin Ellis, CFP®
(334) 792-2153
PO Box 6356
Dothan, AL
Firm
McDaniel & Associates

Data Provided by:
Mr. Ronald W Sommer, CFP®
(334) 671-0738
1643 Hartford Highway
Dothan, AL
Firm
Edward Jones Investments

Data Provided by:
Wells Fargo - Northside
(334) 677-5457
3051 Montgomery Hwy
Dothan, AL
Type
Branch
Office Hours
Mon-Thu 08:00 AM-05:00 PM
Fri 08:00 AM-06:00 PM
Sat-Sun Closed

Wells Fargo - Plaza North
(334) 712-1554
1943 Reeves St
Dothan, AL
Type
Branch
Office Hours
Mon-Thu 09:00 AM-04:00 PM
Fri 09:00 AM-06:00 PM
Sat-Sun Closed

Mr. K. Michael Woodham, CFP®
(800) 920-5208
256 Honeysuckle Rd Ste 25
Dothan, AL
Firm
Wells Fargo Advisors Financial Network
Areas of Specialization
Asset Allocation, Divorce Issues, Education Planning, Elder Care, Estate Planning, General Financial Planning, Insurance Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Mr. Douglas W. Lee, CFP®
(334) 671-7303
200 Parkwest Cir Ste 3
Dothan, AL
Firm
Morgan Keegan and Co., Inc.
Areas of Specialization
Investment Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Mr. Donald P. Bolden, CFP®
(334) 673-8600
2216 W Main St
Dothan, AL
Firm
CapSouth Partners, Inc.
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Debt Management, Divorce Issues
Key Considerations
Average Net Worth: Not Applicable



Data Provided by:
Wells Fargo - Downtown
(334) 678-0203
125 N Saint Andrews St
Dothan, AL
Type
Branch
Office Hours
Mon-Thu 09:00 AM-04:00 PM
Fri 09:00 AM-06:00 PM
Sat-Sun Closed

Wells Fargo - Circle South
(334) 702-3963
2218 Ross Clark Cir
Dothan, AL
Type
Branch
Office Hours
Mon-Thu 09:00 AM-04:00 PM
Fri 09:00 AM-06:00 PM
Sat-Sun Closed

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....

Click here to read the rest of this article at Zacks.com