Retirement Planning Ithaca 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.

Mr. Ross B. Feldman, CFP®
(607) 272-1990
401 East State Street, Suite 304
Ithaca, NY
Firm
Wholistic Wealth LLC
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Education Planning, Elder Care, Employee and Employer Plan Benefits

Data Provided by:
Mrs. Celine Richardson, CFP®
Triphammer Marketplace
Ithaca, NY
Firm
Edward Jones

Data Provided by:
Mr. John M. Corsi, CFP®
(607) 272-1316
950 Danby Rd Ste 127
Ithaca, NY
Firm
Ameripirse Financial Services, Inc.
Areas of Specialization
Comprehensive Financial Planning, Elder Care, Estate Planning, Insurance Planning, Tax Planning
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Not Applicable

Data Provided by:
Mr. Nelson B. Mead, CFP®
(607) 391-7080
2415 North Triphammer Road
Ithaca, NY
Firm
Cornell Pochily Investment Advisors, Inc.
Areas of Specialization
Asset Allocation, Investment Management, Investment Planning, Retirement Income Management, Wealth Management

Data Provided by:
Mr. Paul A. Strebel, CFP®
(607) 275-1275
944 Dryden Rd
Ithaca, NY
Firm
New Horizon Financial Strategi
Areas of Specialization
Accounting, Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Education Planning, Estate Planning

Data Provided by:
Mr. Ross B. Feldman (RFC®), CFP, CLU, CSA
(607) 272-1990
101 East State St #293
Ithaca, NY
Company
Wholistic Wealth, LLC
Qualifications
Education: BS
Years of Experience: 10
Membership
IARFC, MDRT, FPA, SCSA, NAIFA
Services
Invoice, Estate Planning, Business Planning, Retirement Planning, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, BuySell

Data Provided by:
Mr. Paul A. Strebel (RFC®), CFP, CPA
(607) 275-1275
944 Dryden Rd.
Ithaca, NY
Company
New Horizon Financial Strategies
Qualifications
Education: Bachelars of Business Administrative in Accounting
Years of Experience: 29
Membership
IARFC, FPA, AICPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, personal Coach, Retirement Planning, Medicaid Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CommOptions, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Business Coach, Charitable Planning, Education Plan, Charitable Foundations, BuySell, Compensation Plans

Data Provided by:
Ms. Catherine L. Haupert, CFP®
(607) 273-0037
119 E. Seneca St.
Ithaca, NY
Firm
Tompkins Trust Company

Data Provided by:
Mr. Christopher James Milner, CFP®
(607) 257-0065
2251 N Triphammer Rd
Ithaca, NY
Firm
Tompkins Financial Advisors
Areas of Specialization
Investment Management, Retirement Income Management, Retirement Planning, Securities, Socially Responsible Investments, Wealth Management

Data Provided by:
Ms. Beth Ann Prudence, CFP®
(607) 391-7080
2415 N Triphammer Rd Ste 1
Ithaca, NY
Firm
Cornell Pochily Investment Advisors
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Estate Planning, Insurance Planning, Investment Management, Life Transitions, Long-Term Care

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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