Retirement Planning Manassas 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.

John Frisch
Alliant Wealth Advisors
(703) 878-9050
4008 Genessee Place, Suite 201
Woodbridge, VA
Expertises
High Net Worth Client Needs, Helping Clients Identify & Achieve Goals, Women's Financial Planning Issues, Estate & Generational Planning Issues, Ongoing Investment Management, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS

Michael McLenigan
Professional Financial Solutions, LLC
(703) 385-0870
10517A West Drive
Fairfax, VA
Expertises
Ongoing Investment Management, Retirement Plan Investment Advice, College/Education Planning, Retirement Planning & Distribution Rules, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, CFP®

Paul White
Independent Financial Planning, Inc.
(703) 743-9318
7001 Heritage Village Plaza
Gainesville, VA
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, Real Estate Investments, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Hourly Financial Planning Services
Certifications
NAPFA Registered Financial Advisor, BBA, CFP®

Edwin Knowles
The Knowles Company, LLC
(703) 620-9445
10863 Weisiger Lane
Oakton, VA
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Newlyweds & Novice Investors
Certifications
NAPFA Registered Financial Advisor, CFP®

Carroll Hayes
Charles Carroll Financial Partners, LLC
(703) 750-3600
4115 Annandale Road, Suite 205
Annandale, VA
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Charitable Giving - Trusts & Foundations, Real Estate Investments, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Martin Hopkins
Hopkins Investment Management, LLC
(703) 222-7570
11350 Random Hills Road, Suite 800
Fairfax, VA
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Estate & Generational Planning Issues, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®

Stephen Lingle
Lighthouse Financial Planning, LLC
(703) 507-7531
4518 Demby Drive
Fairfax, VA
Expertises
College/Education Planning, Investment Advice without Ongoing Management, Advising Employee Benefit Plan Participants, Retirement Plan Investment Advice, Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Phillip Bour
BourGroup
(703) 407-6697
25925 Planting Field Drive
South Riding, VA
Expertises
Ongoing Investment Management, Cash Flow/Budgets/Credit Issues, Helping Clients Identify & Achieve Goals, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®

Dean Knepper
Lifetime Financial Planning, Inc.
(703) 779-0515
2325 Dulles Corner Blvd., Suite 500
Herndon, VA
Expertises
Investment Advice without Ongoing Management, College/Education Planning, Middle Income Client Needs, Retirement Planning & Distribution Rules, Tax Planning, Hourly Financial Planning Services
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA

Joel Ticknor
Ticknor, Atherton and Associates
(703) 476-3521
12040 South Lakes Drive, #201
Reston, VA
Expertises
Ongoing Investment Management, Advising Employee Benefit Plan Participants, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, AIF, BA, CFP®

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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