Retirement Planning Memphis TN

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.

Dianne Berry
Berry Financial Services, Inc.
(901) 757-4447
1917 Hazelton Drive
Germantown, TN
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Estate & Generational Planning Issues, Financial Issues Between Generations, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA, MBA

Mr. Raymond W. Brandon, CFP®
(901) 324-6600
PO Box 770870
Memphis, TN
Firm
Brandon Financial Planning Inc
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Not Applicable

Data Provided by:
Ms. Phyllis R. Scruggs, CFP®
(901) 767-9187
5188 Wheelis Dr
Memphis, TN
Firm
Waddell & Associates Inc

Data Provided by:
Kathy S. Williams, CFP®
(901) 767-9187
5188 Wheelis Dr.
Memphis, TN
Firm
Waddell & Associates, Inc.

Data Provided by:
Mr. Lance W. Hollingsworth, CFP®
(901) 729-8112
5100 Wheelis Drive
Memphis, TN
Firm
Summit Asset Management LLC

Data Provided by:
Mr. Scott W Foster, CFP®
(901) 327-0057
748 Charles Pl
Memphis, TN
Firm
Foster Accountancy Inc

Data Provided by:
Mr. Richard A. Jones, CFP®
(901) 681-9920
618 Oakleaf Office Ln Ste 300
Memphis, TN
Firm
Capital Financial Group
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Medical/Dental Professionals

Data Provided by:
Mr. Eric Coleman Fountain, CFP®
(901) 681-2390
4385 Poplar Ave Fl 2
Memphis, TN
Firm
First Tennessee Bokerage

Data Provided by:
Mr. William H. Yates Iii, CFP®
(901) 767-9187
5188 Wheelis Dr
Memphis, TN
Firm
Waddell and Associates, Inc.

Data Provided by:
Ms. Karen B. Shea, CFP®
(901) 237-9783
5000 Edenshire Ave
Memphis, TN
Firm
Shea Wealth Management
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Service Professionals

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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