Retirement Planning Mankato MN

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. Lawrence M. Maruska, CFP®
(507) 625-3127
112 S Riverfront Dr
Mankato, MN
Firm
Stifel Nicolaus
Areas of Specialization
Investment 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. Craig A. Sinning, CFP®
(507) 387-5638
209 2nd Street South, Suite 300
Mankato, MN
Firm
Minnesota Financial Services
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided by:
Mr. Harold A. Hunt, CFP®
(507) 625-9050
1930 Premier Dr
Mankato, MN
Firm
Ameriprise Financial

Data Provided by:
Mr. James R. Lewis, CFP®
(507) 625-9050
1930 Premier Drive
Mankato, MN
Firm
Ameriprise Financial

Data Provided by:
Mr. Thomas A. Woodward, CFP®
(507) 387-6678
150 Saint Andrews Ct Ste 100
Mankato, MN
Firm
Thomas A. Woodward, CPA, CFP®
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Insurance Planning, Investment Management, Retirement Planning, Small Business Planning

Data Provided by:
Brian R. Corbett, CFP®
(507) 387-9271
206 E Hickory St Fl 2
Mankato, MN
Firm
Wells Fargo Advisors
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Charitable Giving, Divorce Issues, Education Planning, Insurance Planning

Data Provided by:
Mr. Anthony Daniel James, CFP®
(507) 625-9050
1930 Premier Dr
Mankato, MN
Firm
Ameriprise Financial
Areas of Specialization
Asset Allocation, Education Planning, Insurance Planning, Investment Management, Investment Planning, Long-Term Care, Retirement Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Dr. Kwang Woo Park, CFP®
(213) 820-6777
Morris Hall 150
Mankato, MN
Firm
Minnesota State University

Data Provided by:
Brady Schmidt, CFP®
(507) 625-6545
3 Civic Center Plz Ste 200
Mankato, MN
Firm
Coulter, Schmidt & Klein Private Wealth Advisors
Areas of Specialization
Business Succession Planning, Comprehensive Financial Planning, Investment Management, Retirement Planning, Wealth Management, Young Professionals
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Mr. Matthew R. Norland, CFP®
(507) 388-6262
1203 Caledonia St
Mankato, MN
Firm
LPL Financial
Areas of Specialization
Comprehensive Financial Planning, Retirement Planning, Small Business Planning, Wealth 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....

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