Retirement Planning Lynchburg VA

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.

Rick Huff
Huff, Stuart & Carlton
(434) 316-9356
1563 Crossings Centre Drive, Suite 100
Forest, VA
Expertises
High Net Worth Client Needs, Planning Concerns for Corporate Executives, Tax Planning, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CPA/PFS, MST

Mr. Christian H. Depaul, CFP®
(434) 385-1340
3728 Old Forest Road
Lynchburg, VA
Firm
Ameriprise Financial
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning

Data Provided by:
Mr. James M. Laneve, CFP®
(434) 455-3036
3831 Old Forest Road
Lynchburg , VA
Firm
Laneve Financial Guidance LLC
Areas of Specialization
Investment Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Joshua D. Stamm, CFP®
(434) 485-8280
1705 Enterprise Drive
Lynchburg, VA
Firm
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Areas of Specialization
Business Succession Planning, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Estate Planning, Investment Management, Retirement Income Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Mr. John M Flippin Jr., CFP®
(434) 847-6600
810 Main St
Lynchburg, VA
Firm
Davidson & Garrard
Areas of Specialization
Investment Management, Investment Planning, Retirement Income Management, Wealth Management

Data Provided by:
Brian Carlton
Huff, Stuart & Carlton
(434) 316-9356
1563 Crossings Centre Drive, Suite 100
Forest, VA
Expertises
Retirement Planning & Distribution Rules, Women's Financial Planning Issues, Insurance Related Issues, including Annuities, Financial Issues Between Generations, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®, LHIC, MBA

Mr. Gerard E. Swienton, CFP®
(434) 385-9600
3701 Old Forest Rd
Lynchburg, VA
Firm
Morgan Stanley Smith Barney
Areas of Specialization
Wealth Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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



Data Provided by:
Dean E. Wilson, CFP®
(434) 832-0012
121 Goldenrod Pl
Lynchburg, VA
Firm
AXA Advisors, LLC
Areas of Specialization
Comprehensive Financial Planning, Estate Planning, Insurance Planning, Investment Planning, Retirement Planning

Data Provided by:
Mr. Brian Eric Baker, CFP®
(434) 239-8810
205 Archway Ct
Lynchburg, VA
Firm
Ford Mays Wealth Management
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. William E. Calohan Iii, CFP®
(434) 832-0012
572 Calohan Rd
Rustburg, VA
Firm
AXA Advisors

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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