Retirement Planning Palm Bay FL

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.

Mary Baldwin
Mary E. Baldwin, CFP
(321) 722-0511
1735 West Hibiscus Boulevard, Suite 200
Melbourne, FL
Expertises
Ongoing Investment Management, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Mr. Michael J. Rowland, CFP®
(321) 729-6770
709 S Harbor City Blvd Fl 5
Melbourne, FL
Firm
UBS Financial Services Inc

Data Provided by:
Mr. Michael L. Arbogast, CFP®
(321) 723-5480
108 W New Haven Ave
Melbourne, FL
Firm
Arbogast Financial Center
Areas of Specialization
Insurance Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Ms. Nita Torcasio Grisham, CFP®
(321) 676-0300
1499 S Harbor City Blvd Ste 400
Melbourne, FL
Firm
Wells Fargo Advisors, LLC

Data Provided by:
Mr. Timothy L. Nunno, CFP®
(321) 722-5413
709 S. Harbor City Blvd, 5th floor
Melbourne, FL
Firm
UBS Financial Service

Data Provided by:
Daniel Moisand
Moisand Fitzgerald Tamayo, LLC
(321) 253-5400
6767 N. Wickham Road, Suite 215
Melbourne, FL
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, CFP®

Mr. Chad L. Helpling, CFP®
(321) 409-4412
1499 S Harbor City Blvd Ste 400
Melbourne, FL
Firm
Wells Fargo Advisors, LLC

Data Provided by:
Mr. Robert Mastrosimone, CFP®
(321) 733-2280
100 Rialto Pl
Melbourne, FL
Firm
Mastro Financial Services, LLC

Data Provided by:
Mr. Gary E. Schermerhorn, CFP®
(321) 725-3676
3125 W New Haven Ave
West Melbourne, FL
Firm
Gary E. Schermerhorn, P.A.

Data Provided by:
Ms. Janice K. Hill, CFP®
(321) 676-0300
1499 S Harbor City Blvd Fl 4
Melbourne, FL
Firm
Wells Fargo Advisors
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning, Elder Care, Employee and Employer Plan Benefits
Key Considerations
Average Net Worth: $250,001 - $500,000

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

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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