Retirement Planning Iowa City IA

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.

Ms. Jacqueline K. Jackman, CFP®
(319) 631-0758
2010 Keokuk St
Iowa City, IA
Firm
Hawkeye Brokerage Center
Areas of Specialization
General Financial Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Business Executives

Data Provided by:
Mr. Anthony J. Schau, CFP®
(319) 351-4307
209 E Washington St.
Iowa City, IA
Firm
North Star Resource Group

Data Provided by:
Mr. Michael E. Diers, CFP®
(319) 354-6506
2010 Keokuk St
Iowa City, IA
Firm
Hawkeye Brokerage Center
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, General Financial Planning, Insurance Planning, Investment Management

Data Provided by:
Jeremy D. James, CFP®
673 Westbury Dr Ste 101
Iowa City, IA
Firm
James Investment Group, Inc.

Data Provided by:
Mr. Christopher J. Harris, CFP®
(319) 356-8001
327 2nd St.
Coralville, IA
Firm
TIAA-CREF
Areas of Specialization
Charitable Giving, Comprehensive Financial Planning, Estate Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Non-Profit Employees

Data Provided by:
Mr. James W. Lane, CFP®
(319) 354-7655
409 Kirkwood Ave
Iowa City, IA
Firm
Heartland Investment Associate
Areas of Specialization
Comprehensive Financial Planning, Investment Planning

Data Provided by:
Mr. James C. Wachendorf, CFP®
(319) 338-2066
221 E College St Ste 300
Iowa City, IA
Firm
Mid America Securities

Data Provided by:
Ms. Lois E. James, CFP®
(319) 354-7113
673 Westbury Dr Ste 101
Iowa City, IA
Firm
Raymond James Financial Serv
Areas of Specialization
Asset Allocation, Retirement Income Management, Retirement Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Ross E. Devalois, CFP®
(319) 337-9842
123 N. Linn St., Suite 2G
Iowa City, IA
Firm
Mid America Securities Mgt Co
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning, Employee and Employer Plan Benefits, General Financial Planning

Data Provided by:
Mr. Stephen J. Genkinger, CFP®
(319) 356-8002
327 2nd Street
Coralville, IA
Firm
TIAA-CREF

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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