Retirement Planning Peoria IL

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.

Gregory Johnston
Johnston Investment Counsel
(309) 674-3330
331 Fulton
Peoria, IL
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Planning Issues for Business Owners, Planning Concerns for Corporate Executives, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, AIF, CFA, CFP®, MBA

Carolyn K. Weaver, CFP®
(309) 671-2825
401 Main Street, Suite 1000
Peoria, IL
Firm
Morgan Stanley Smith Barney
Areas of Specialization
Charitable Giving, Comprehensive Financial Planning, Education Planning, Estate Planning, General Financial Planning, Insurance Planning, Intergenerational Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000



Data Provided by:
Mr. Loren B. Gallup, CFP®
(309) 589-3157
401 N Main St, 10th floor
Peoria, IL
Firm
Morgan Stanley

Data Provided by:
Mr. Kevin J Sletten, CFP®
(309) 637-4647
411 Hamilton Blvd Ste 2003
Peoria, IL
Firm
Raymond James & Associates, Inc.

Data Provided by:
Ms. Donna A. Marcacci, CFP®
(309) 655-5195
301 SW Adams St
Peoria, IL
Firm
PNC Bank, N.A.

Data Provided by:
Mr. Gregory A. Johnston, CFP®
(309) 674-3330
331 Fulton
Peoria, IL
Firm
Johnston Investment Counsel
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Investment Management, Investment Planning, Retirement Income Management, Retirement Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Mr. Scot Kunkel, CFP®
301 SW Adams St
Peoria, IL
Firm
PNC Wealth Management

Data Provided by:
Ms. Brigitte G. Franzen, CFP®
(217) 871-0708
601 SW Water St
Peoria, IL
Firm
Water Street Solutions
Areas of Specialization
Business Succession Planning, Estate Planning, Insurance Planning, Intergenerational Planning, Life Transitions, Long-Term Care, Retirement Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $500,001 - $1,000,000

Profession: Self-Employed Business Owners

Data Provided by:
Mr. Alan L. Lee, CFP®
(309) 673-7526
114 State St Ste 2E
Peoria, IL
Firm
Strategic Wealth Management, LLC

Data Provided by:
Mr. Martin M Roth, CFP®
(309) 497-1418
401 Main St Ste 1200
Peoria, IL
Firm
RSM McGladrey

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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