Retirement Planning Murfreesboro 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.

Mr. John B. Phillips, CFP®
(615) 216-1217
209 Castlewood Drive
Murfreesboro, TN
Firm
Northwestern Mutual Financial
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Education Planning, Estate Planning, Insurance Planning

Data Provided by:
Dr. John Thomas Lee, CFP®
(615) 904-6373
710 NW Broad St
Murfreesboro, TN
Firm
Wilson Bank and Trust
Areas of Specialization
Comprehensive Financial Planning, Investment Planning, Retirement Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. Ralph F. Weber, CFP®
(805) 277-0741
2441Q Old Fort Pkwy Ste 329
Murfreesboro, TN
Firm
Route Three Life Health Disability

Data Provided by:
Mr. Patrick Eric Poole, CFP®
237 Castlewood Dr Ste E
Murfreesboro, TN
Firm
Edward D. Jones & Co., L.P.

Data Provided by:
Matthew Givens, CFP®
(615) 898-8755
820 Medical Center Pkwy
Murfreesboro, TN
Firm
Northwestern Mutual
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Education Planning, Estate Planning, Retirement Income Management

Data Provided by:
Mr. Martin Hunter Mcfarlin, CFP®
(615) 890-1070
119 N. Maple Street
Murfreesboro, TN
Firm
McFarlin Financial Partners, LLC

Data Provided by:
Mr. Brian Coleman, CFP®
(615) 890-5122
1608 Williams Dr Ste 100
Murfreesboro, TN
Firm
Edward Jones
Areas of Specialization
Comprehensive Financial Planning, Education Planning, Estate Planning, Insurance Planning, Investment Planning, Long-Term Care, Retirement Planning

Data Provided by:
Mr. Tracey Alan Binkley, CFP®
(615) 764-4473
804 N Thompson Ln Ste 2A
Murfreesboro, TN
Firm
Morgan Stanley Smith Barney

Data Provided by:
Mr. Jason W. Qualls, CFP®
(615) 878-2134
3210 Bilbrey Drive
Murfreesboro, TN
Areas of Specialization
Asset Allocation, Budget Development, Comprehensive Financial Planning, Debt Management, Divorce Issues, Education Planning, Estate Planning

Data Provided by:
Mr. Michael J. Hull, CFP®
(615) 896-1181
PO Box 12122
Murfreesboro, TN
Firm
Investment & Retirement Advisors
Areas of Specialization
Asset Allocation, Investment Management, Investment Planning, Retirement Income Management, Retirement Planning, Wealth Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

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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