Retirement Planning Grand Rapids MI

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.

Richard Feight
IAM Financial, LLC
(888) 283-1392
250 Monroe NW
Grand Rapids, MI
Expertises
Ongoing Investment Management, High Net Worth Client Needs, Middle Income Client Needs, Retirement Plan Investment Advice, Investment Advice without Ongoing Management, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, EA

Mrs. Deborah Marie Verker, CFP®
(616) 391-5400
25 Michigan St NE Ste 1200
Grand Rapids, MI
Firm
ING Financial Partners

Data Provided by:
Mr. Arnold M. Axelrod, CFP®
(616) 653-5072
111 Lyon Street NW
Grand Rapids, MI
Firm
Fifth Third

Data Provided by:
Mr. Brian D. Moore, CFP®
(616) 454-2852
300 Ottawa Ave NW
Grand Rapids, MI
Firm
Legacy Trust

Data Provided by:
Mr. Collin B. Dawes, CFP®
(616) 548-6901
29 Pearl St NW Ste 105
Grand Rapids, MI
Firm
LPL Financial
Areas of Specialization
Comprehensive Financial Planning, Debt Management, Education Planning, Estate Planning, Insurance Planning, Investment Management, Retirement Income Management

Data Provided by:
Ronald Van Surksum
Advanced Asset Management, LLC
(616) 531-5220
4555 Wilson Avenue SW, Suite 2
Grandville, MI
Expertises
Retirement Planning & Distribution Rules, College/Education Planning, Estate & Generational Planning Issues, Helping Clients Identify & Achieve Goals, Hourly Financial Planning Services, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®

Mr. John W. Simonds, CFP®
(616) 233-3426
126 Ottawa Ave NW
Grand Rapids, MI
Firm
Macatawa Bank

Data Provided by:
Mr. Rand D. Putterman, CFP®
(616) 752-4749
99 Monroe
Grand Rapids, MI
Firm
Comerica Securities
Areas of Specialization
Estate Planning, Insurance Planning, Investment Management, Retirement Income Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Ms. Ellen Winter Bolline, CFP®
(616) 451-4228
200 Ottawa Avenue NW
Grand Rapids, MI
Firm
Grand Wealth Management, LLC
Areas of Specialization
Asset Allocation, Budget Development, Comprehensive Financial Planning, Debt Management, Education Planning, Employee and Employer Plan Benefits, General Financial Planning

Data Provided by:
Ms. Nancy J. Sabolish, CFP®
(616) 235-5200
56 Grandville Ave SW Ste 100
Grand Rapids, MI
Firm
Beene Garter LLP

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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