Retirement Planning Lubbock TX

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. Brock B. Barnes, CFP®
(806) 687-6870
3330 70th St.
Lubbock, TX
Firm
Antioch Financial
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Estate Planning, General Financial Planning, Intergenerational Planning, Investment Management
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. Ewell Ray Wood (RFC®), CPA
(806) 795-0064
3707 69th Street
Lubbock, TX
Company
Ray Wood, CPA, PC
Qualifications
Education: BBA, CPA, RFC
Years of Experience: 47
Membership
IARFC, AICPA
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Charitable Planning, Education Plan, Asset Protection

Data Provided by:
Mr. John Travis Funk, CFP®
(806) 767-3848
1500 Broadway
Lubbock, TX
Firm
Wells Fargo Advisors
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Estate Planning, General Financial Planning, Insurance Planning, Investment Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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



Data Provided by:
Mr. Byron Kennedy, CFP®
(806) 742-1781
Box 45025
Lubbock, TX
Firm
Texas Tech University System
Areas of Specialization
Charitable Giving

Data Provided by:
Mr. Keith W. Trent, CFP®
(806) 771-1977
3223 South Loop 289
Lubbock, TX
Firm
LPL Financial
Areas of Specialization
Asset Allocation, General Financial Planning, Investment Planning, Planning for Couples, Retirement Income Management
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided by:
Mr. Dan H. Morgan Ii, CFP®
6204 Knoxville Dr
Lubbock, TX
Firm
Tri-Global Energy

Data Provided by:
Mr. Barry K. Malone, CFP®
(806) 797-3251
5202 Indiana Ave
Lubbock, TX
Firm
Lincoln Financial Securities Corp
Areas of Specialization
Business Succession Planning, Comprehensive Financial Planning, Estate Planning, Insurance Planning, Retirement Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Business Executives

Data Provided by:
Mrs. Sherry Elaine Mcnair, CFP®
(806) 744-2600
601 Main St
Lubbock, TX
Firm
WEST TEXAS WEALTHCARE ADVISORS, INC.
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Education Planning, Estate Planning, Retirement Planning

Data Provided by:
Ms. Shelby L. Russell, CFP®
(806) 794-3848
12002 Trafalgar Ave Ste 102
Lubbock, TX
Firm
The Advisors Group
Areas of Specialization
Comprehensive Financial Planning, Education Planning, Elder Care, Estate Planning, Healthcare Planning, Insurance Planning, Life Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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



Data Provided by:
Mr. Justin L Price, CFP®
(800) 935-2546
3223 S Loop 289 Ste 240E
Lubbock, TX
Firm
Uhlmann Price Securities
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Insurance Planning, 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....

Click here to read the rest of this article at Zacks.com