Retirement Planning Huntington NY

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.

Cary Carbonaro
Stonegate Wealth Management, LLC
(646) 388-1460
7 Platt Place
Huntington, NY
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, Women's Financial Planning Issues, Retirement Planning & Distribution Rules, Charitable Giving - Trusts & Foundations, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, MBA

David Frisch
Frisch Financial Group, Inc.
(631) 271-7900
290 Broad Hollow Road, Suite 130E
Melville, NY
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Tax Planning, Retirement Plan Investment Advice, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS

Gerard Barrasso
United Financial Planning Group, LLC
(631) 234-0871
888 Veterans Memorial Highway, Suite 530
Hauppauge, NY
Expertises
Tax Planning, Helping Clients Identify & Achieve Goals, Retirement Plan Investment Advice, Planning Issues for Business Owners, Middle Income Client Needs, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS

Raymond Mignone
Ray Mignone & Co., Inc.
(516) 203-7194
626 Reckson (EAB)
Uniondale, NY
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Helping Clients Identify & Achieve Goals, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, BS, CFP®

Lili Vasileff
Divorce and Money Matters, LLC
(203) 393-7200
Two Sound View Drive
Greenwich, CT
Expertises
Divorce Planning, Hourly Financial Planning Services, Special Needs Planning, Ongoing Investment Management, Financial Psychology/Coaching
Certifications
NAPFA Registered Financial Advisor, CDFA, CDP, CFP®, MA, Other

Joyce Streithorst
Frisch Financial Group, Inc.
(631) 271-7900
290 Broad Hollow Road, Suite 130E
Melville, NY
Expertises
Ongoing Investment Management, Women's Financial Planning Issues, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Divorce Planning, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, CFP®, MSFS

Philip Capell
Piermont Wealth Management Inc.
(516) 496-7800
135 Crossways Park Drive, Suite 102
Woodbury, NY
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues, Divorce Planning, Helping Clients Identify & Achieve Goals, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®, JD, MS

Loretta Nolan
Loretta Nolan Associates LLC
(203) 637-1402
13 Arcadia Road, Suite 10
Old Greenwich, CT
Expertises
Planning Concerns for Corporate Executives, Retirement Planning & Distribution Rules, Women's Financial Planning Issues, Ongoing Investment Management, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, AEP, CFP®

Gerard Barrasso
United Financial Planning Group, LLC
(631) 234-0871
1979 Marcus Avenue
Lake Success, NY
Expertises
Tax Planning, Helping Clients Identify & Achieve Goals, Retirement Plan Investment Advice, Planning Issues for Business Owners, Middle Income Client Needs, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS

Maureen Whelan
M. A. Whelan Financial Planning
(800) 775-8564
1225 Franklin Avenue
Garden City, NY
Expertises
Hourly Financial Planning Services, Middle Income Client Needs, Tax Planning, Financial Issues Between Generations, Investment Advice without Ongoing Management, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

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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