Retirement Planning Huntington WV

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. James D. Perry Jr., CFP®
(304) 529-6500
300 Tenth Street
Huntington, WV
Firm
JJB Hilliard WL Lyons Inc

Data Provided by:
Mrs. Brandon B. Roisman, CFP®
(304) 529-1000
1200 3rd Ave
Huntington, WV
Firm
Morgan Stanley Wealth Management
Areas of Specialization
Estate Planning, Insurance Planning, Investment Planning, Long-Term Care, Mortgages, Retirement Planning, Wealth Management

Data Provided by:
Mr. Wesley H Richardson, CFP®
(304) 733-0011
102 Meadow Pointe
Barboursville, WV
Firm
Northwestern Mutual Financial Network
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning

Data Provided by:
Brandon Michael Cline, CFP®
(304) 733-0011
PO Box 207
Barboursville, WV
Firm
Northwestern Mutual®
Areas of Specialization
Business Succession Planning, Comprehensive Financial Planning, Estate Planning, Insurance Planning, Investment Management, Retirement Planning, Special Needs Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Medical/Dental Professionals

Data Provided by:
Mr. Steven L. Simmerman, CFP®
(606) 920-9673
1600 Carter Avenue
Ashland, KY
Firm
Raymond James & Associates

Data Provided by:
Mr. John J. Sartaine, CFP®
(304) 528-7084
1200 3rd Ave
Huntington, WV
Firm
Morgan Stanley
Areas of Specialization
General Financial Planning, Investment Management, Retirement Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Medical/Dental Professionals

Data Provided by:
Mr. Robert P. Simmons, CFP®
(800) 505-2030
704 4th Avenue
Huntington, WV
Firm
RBC Wealth Management
Areas of Specialization
Asset Allocation, Business Succession Planning, Education Planning, Estate Planning, Long-Term Care, Retirement Income Management, Wealth Management
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided by:
Mr. W. Bret Hensley, CFP®
(304) 302-0272
609 Central Ave
Barboursville, WV
Firm
Creative Financial Solutions LLC
Areas of Specialization
Comprehensive Financial Planning, Investment Management, Tax Preparation

Data Provided by:
Mr. Michael W. Hobbs, CFP®
(606) 325-0404
503 Amanda Furnace Circle
Ashland, KY
Firm
Hobbs Financial Management LLC

Data Provided by:
Mr. Shaun Alan Kiser, CFP®
(606) 834-3027
900 Diederich Blvd
Russell, KY
Firm
Peoples Bank
Areas of Specialization
Investment Management

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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