Retirement Planning Duluth MN

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.

Mr. John P. Lawien, CFP®
(218) 728-8418
1420 London Road
Duluth, MN
Firm
RBC Wealth Management
Areas of Specialization
Asset Allocation, Estate Planning, Insurance Planning, Mortgages, Retirement Planning, Securities
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Not Applicable

Data Provided by:
Ms. Cheryl A. Meese, CFP®
(218) 724-2100
1420 London Rd
Duluth, MN
Firm
RBC Wealth Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000



Data Provided by:
Ms. Susan M Stelman, CFP®
(218) 727-1508
130 W. Superior St. Ste. #750
Duluth, MN
Firm
Waddell & Reed
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Insurance Planning, Investment Management, Investment Planning

Data Provided by:
Mr. Vinod Gupta, CFP®
(218) 464-4178
405 E Superior St Ste 275
Duluth, MN
Firm
Ameriprise Financial Services
Areas of Specialization
Investment Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided by:
Mr. Timothy Paul Riley, CFP®
(218) 723-2762
222 W Superior Street
Duluth, MN
Firm
Wells Fargo
Areas of Specialization
Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Estate Planning, Investment Management, Wealth Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $250,001 - $500,000

Profession: Business Executives

Data Provided by:
Mr. James H. Proctor, CFP®
(218) 724-2100
1420 London Rd
Duluth, MN
Firm
RBC Wealth Management

Data Provided by:
Mr. Vincent L. Mckay-Jones, CFP®
(218) 728-8435
1420 London Rd Ste 201
Duluth, MN
Firm
RBC Wealth Management
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning
Key Considerations
Average Net Worth: Not Applicable



Data Provided by:
Mr. Conrad B. Hjort, CFP®
(218) 722-9400
401 West Superior Street
Duluth, MN
Firm
Ameriprise Financial
Areas of Specialization
Comprehensive Financial Planning, Estate Planning, Insurance Planning, Retirement Income Management, Retirement Planning

Data Provided by:
Tanya L. Nichols, CFP®
(218) 726-9396
222 W Superior St
Duluth, MN
Firm
Wells Fargo Advisors, LLC
Areas of Specialization
Asset Allocation, Banking, Business Succession Planning, Comprehensive Financial Planning, Estate Planning, Insurance Planning, Investment Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Andrew Heimbach Wheeler, CFP®
(218) 722-8010
306 W. Superior St.
Duluth, MN
Firm
Wheeler Associates
Areas of Specialization
Comprehensive Financial Planning, Debt Management, Divorce Issues, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning, Investment Management
Key Considerations
Average Net Worth: Not Applicable

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

Profession: Medical/Dental Professionals

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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