Retirement Planning New York NY

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.

Albert Zdenek
Traust Sollus Wealth Management, LLC
(212) 661-8682
405 Lexington Ave- 49th Floor
New York, NY
Expertises
High Net Worth Client Needs, Ongoing Investment Management, Tax Planning, Advising Medical Professionals, Planning Concerns for Corporate Executives, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, CPA/PFS, MBA

Philip Capell
Piermont Wealth Management Inc.
(212) 983-8525
100 Park Avenue, Suite 1600
New York, NY
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues, Divorce Planning, Helping Clients Identify & Achieve Goals, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®, JD, MS

Cary Carbonaro
Stonegate Wealth Management, LLC
(201) 791-0085
11 Penn Plaza
New York City, NY
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, Women's Financial Planning Issues, Retirement Planning & Distribution Rules, Charitable Giving - Trusts & Foundations, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, MBA

Guy McPhail
Traust Sollus Wealth Management, LLC
(212) 661-8682
405 Lexington Ave- 49th Floor
New York, NY
Expertises
Retirement Plan Investment Advice, High Net Worth Client Needs, Ongoing Investment Management, Tax Planning, Helping Clients Identify & Achieve Goals, Cash Flow/Budgets/Credit Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS

David Frisch
Frisch Financial Group, Inc.
(212) 983-8444
100 Park Avenue, Suite 1600
New York, NY
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Tax Planning, Retirement Plan Investment Advice, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS

Anthony DeVito
ADV Investment Management & Financial Planning
(800) 732-5031
60 East 42nd Street
New York, NY
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Advising Medical Professionals, Retirement Planning & Distribution Rules, Advising Employee Benefit Plan Participants, Hourly Financial Planning Services
Certifications
NAPFA Registered Financial Advisor, CFP®, PhD

Darin Schnall
Schnall Advisory Services
(212) 967-6155
350 Fifth Avenue, Suite 3505
New York, NY
Expertises
Planning Concerns for Corporate Executives, Ongoing Investment Management, Retirement Plan Investment Advice, High Net Worth Client Needs, Hourly Financial Planning Services, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, CPA, MBA

Joel Isaacson
Joel Isaacson & Co., LLC
(212) 302-6300
546 Fifth Avenue, 20th Floor
New York, NY
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Professional Athletes or Entertainers, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, CPA/PFS, MBA

Joyce Streithorst
Frisch Financial Group, Inc.
(212) 983-8444
100 Park Avenue, Suite 1600
New York, NY
Expertises
Ongoing Investment Management, Women's Financial Planning Issues, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Divorce Planning, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, CFP®, MSFS

Gerard Barrasso
United Financial Planning Group, LLC
(631) 234-0871
5 Penn Plaza
New York, NY
Expertises
Tax Planning, Helping Clients Identify & Achieve Goals, Retirement Plan Investment Advice, Planning Issues for Business Owners, Middle Income Client Needs, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS

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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