Retirement Planning Kalamazoo 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.

Ted Feight
Creative Financial Design
(517) 371-5100
8175 Creekside Drive, Suite 200
Portage, MI
Expertises
Ongoing Investment Management, Retirement Plan Investment Advice, Middle Income Client Needs, Women's Financial Planning Issues, Helping Clients Identify & Achieve Goals, Charitable Giving - Trusts & Foundations
Certifications
NAPFA Registered Financial Advisor, CFP®

Sophit Lee
Docsa Capital Management, Inc.
(269) 488-2322, Ext 2 or 4
1210 West Milham Avenue, Suite 201
Portage, MI
Expertises
Ongoing Investment Management, Middle Income Client Needs, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Investment Advice without Ongoing Management, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, CFP®

Mr. John P Burcroff, CFP®
(269) 337-2550
245 N Rose St
Kalamazoo, MI
Firm
PNC Bank

Data Provided by:
Mr. Sanford Clay Leestma Ii, CFP®
211 S Rose St
Kalamazoo, MI
Firm
Greenleaf Trust

Data Provided by:
Mr. Andrew L. Riker, CFP®
(269) 388-9800
211 South Rose Street
Kalamazoo, MI
Firm
Greenleaf Trust

Data Provided by:
Charles Prudhomme
LVM Capital Management, LTD.
(269) 321-8125 Ext: 33
7840 Moorsbridge Road
Portage, MI
Expertises
Ongoing Investment Management, Charitable Giving - Trusts & Foundations, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®

Ms. Darlene H. Hybels, CFP®
(269) 349-7744
125 S Kalamazoo Mall
Kalamazoo, MI
Firm
Raymond James & Associates Inc

Data Provided by:
Mr. James R. Curry, CFP®
(269) 492-3602
211 South Rose Street
Kalamazoo, MI
Firm
Greenleaf Trust

Data Provided by:
Mr. Breat Ray Miller, CFP®
(269) 532-0903
5743 Sandalwood Dr
Kalamazoo, MI
Firm
BRM Advisory

Data Provided by:
Mr. Stephen S. Mucci, CFP®
(269) 373-2650
277 S Rose St Ste 3100
Kalamazoo, MI
Firm
Morgan Stanley Smith Barney

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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