Retirement Planning El Paso TX

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. Martin Gutierrez, CFP®
(915) 772-4900
5741 Belding Dr Ste A
El Paso, TX
Firm
MG Financial Services

Data Provided by:
Mr. Edward J. Daffron, CFP®
(915) 772-0100
6501 Boeing Dr Ste J-2
El Paso, TX
Firm
First Command Financial Planni
Areas of Specialization
Business Succession Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning, Government and Military, Insurance Planning
Key Considerations
Average Net Worth: $100,000 or less

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

Profession: Government Employees

Data Provided by:
Mr. David H. Lindau, CFP®
(915) 544-6950
4130 Rio Bravo St Ste B
El Paso, TX
Firm
Lauterbach Financial Advisors
Areas of Specialization
Accounting, Asset Allocation, Employee and Employer Plan Benefits, Investment Management, Retirement Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Justin Pretiger, CFP®
(915) 842-7918
641 N Stanton St
El Paso, TX
Firm
Morgan Stanley Wealth Management
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning, Intergenerational Planning

Data Provided by:
Mr. James Stephen De Groat, CFP®
(915) 543-5630
4130 Rio Bravo Street
El Paso, TX
Firm
Lincoln Financial Advisors
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Stephen Roy Hourigan, CFP®
(915) 779-5725
6130 Montana Ave
El Paso, TX
Firm
Independent Planner

Data Provided by:
Mr. Peter M. Desantis, CFP®
(915) 564-5906
2501 N Piedras St
El Paso, TX
Firm
Peter DeSantis & Company

Data Provided by:
Mr. James Scott Butler, CFP®
(915) 541-6483
201 E Main Dr Ste 101
El Paso, TX
Firm
Wells Fargo Advisors
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Investment Management, Investment Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Mr. Michael D Duchouquette, CFP®
(915) 544-5999
419 Executive Center
El Paso, TX
Firm
Duchouquette & Associates, Inc.
Areas of Specialization
Accounting, Asset Allocation, Banking, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning

Data Provided by:
Mr. Lowell G. Nussbaum, CFP®
(915) 533-6933
221 N Kansas St Ste 1207
El Paso, TX
Firm
Nussbaum Torres & Co PC
Areas of Specialization
Estate Planning, Retirement Planning, Tax Planning, Tax Preparation
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Business Executives

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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