Retirement Planning Frederick MD

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. Chris M. Moran, CFP®
(240) 855-0007
3535 Urbana Pike
Frederick, MD
Firm
PRIME Wealth Management/ Commonwealth Financial Network

Data Provided by:
Mr. Brian L. Runkles, CFP®
(301) 360-9840
30 W Patrick St Ste 501
Frederick, MD
Firm
Ameriprise Financial Services,
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Estate Planning, General Financial Planning, Investment Management, Retirement Income Management

Data Provided by:
Ms. Anneliese J. D'Souza, CFP®
(301) 694-3436
120 West Church Street
Frederick, MD
Firm
D'Souza Financial Strategies.com
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Comprehensive Financial Planning, 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. Carl David Petrucci, CFP®
(301) 696-8242
6009 Sweetwater Ct
Frederick, MD
Firm
Morgan Stanley Smith Barney
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, General Financial Planning

Data Provided by:
Yu Zhang, CFP®
(301) 631-7109
30 W Patrick St Fl 7
Frederick, MD
Firm
Morgan Stanley Wealth Management
Areas of Specialization
Charitable Giving, Comprehensive Financial Planning, Estate Planning, Insurance Planning, Intergenerational Planning, Investment Management, Investment Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Medical/Dental Professionals

Data Provided by:
Mr. Lee R. Kramer, CFP®
(240) 379-6929
9099 Ridgefield Dr
Frederick, MD
Firm
Kramer Financial
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Divorce Issues, Elder Care, Estate Planning, General Financial Planning, Investment Management

Data Provided by:
Steven M. Katz (RFC®), CPA
(301) 694-9712
331 South Jefferson Street
Frederick, MD
Company
Money Concepts Financial Planning
Qualifications
Education: BS
Years of Experience: 11
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, BuySell, Compensation Plans

Data Provided by:
Shabri G. Moore, CFP®
(301) 631-1207
50 Carroll Creek Way
Frederick, MD
Firm
Moore Wealth Inc
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Ms. Catharine V. Fairley, CFP®
(301) 694-7411
365 W Patrick St
Frederick, MD
Firm
Draper McGinley Planning Group

Data Provided by:
Nathan S Harris, CFP®
(301) 698-4730
30 West Patrick Street
Frederick, MD
Firm
Merrill Lynch

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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