Retirement Planning Newport RI

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.

Christopher P Yalanis, CFP®
(401) 848-9949
21 John Clarke Road
Middletown, RI
Firm
Wells Fargo Advisors
Areas of Specialization
Asset Allocation, Banking, Charitable Giving, Comprehensive Financial Planning, Debt Management, Divorce Issues, Education Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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



Data Provided by:
Mr. Baxter Smith Jr., CFP®
(401) 848-0380
372 Broadway
Newport, RI
Firm
Ameriprise Financail

Data Provided by:
Mr. Terrence Gavan, CFP®
(401) 847-1260
18 Phelps Rd
Middletown, RI
Firm
T. GAVAN, CPA, CFP
Areas of Specialization
Accounting, Asset Allocation, Budget Development, Comprehensive Financial Planning, Debt Management, Education Planning, General Financial Planning

Data Provided by:
Mr. Charles E. O'Hara Iv, CFP®
(401) 849-7111
342 Broadway
Newport, RI
Firm
Symetra Investment Services, Inc.

Data Provided by:
Ms. Claudia S Ruoti, CFP®
(401) 846-9842
221 Third Street Suite 300
Newport, RI
Firm
First Command Financial Planning
Areas of Specialization
Comprehensive Financial Planning

Data Provided by:
Ms. Denise L. Roberts, CFP®
(401) 845-3504
284 Bellevue Ave
Newport, RI
Firm
Morgan Stanley Smith Barney

Data Provided by:
Mr. Daniel Gerard Corrigan, CFP®
(401) 849-9313
747 Aquidneck Ave
Middletown, RI
Firm
Corrigan Financial Inc
Areas of Specialization
Comprehensive Financial Planning

Data Provided by:
Mr. Harold V. Cardoza, CFP®
(401) 841-5929
372 Broadway
Newport, RI
Firm
Ameriprise Financial

Data Provided by:
Mr. James A Tollefson, CFP®
(888) 848-9738
21 John Clarke Rd
Middletown, RI
Firm
Wells Fargo Advisors
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning

Data Provided by:
Mr. Michael J. Ford, CFP®
(401) 683-7760
3047 East Main Road, Ste 5
Portsmouth, RI
Firm
Ford & Messere, Inc.
Areas of Specialization
Accounting, Estate Planning, Tax Planning

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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