Retirement Planning Philadelphia PA

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.

Vincent De Giovanni
Summit Financial Advisors, LLC
(215) 579-1005
1500 Market Street
Philadelphia, PA
Expertises
Middle Income Client Needs, Helping Clients Identify & Achieve Goals, Ongoing Investment Management, College/Education Planning, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Robert Wilgos
Summit Financial Advisors, LLC
(215) 579-1005
1500 Market Street
Philadelphia, PA
Expertises
Middle Income Client Needs, Helping Clients Identify & Achieve Goals, Planning Issues for Business Owners, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, BSEE, CFP®, MBA

Lydia Sheckels
Wescott Financial Advisory Group LLC
(215) 979-1600
30 South 17th Street, 4th Floor
Philadelphia, PA
Expertises
Estate & Generational Planning Issues, Financial Issues Between Generations, Ongoing Investment Management, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, ChFc, CLU

Brent Kessel
Abacus Wealth Partners, LLC
(215) 656-4280
1818 Market Street, Suite 3740
Philadelphia, PA
Expertises
Retirement Plan Investment Advice, Ongoing Investment Management, Charitable Giving - Trusts & Foundations, Real Estate Investments, Socially Responsible Investments
Certifications
NAPFA Registered Financial Advisor, BA, CFP®

Joyce Cole
J. Cole Financial Advisers, Inc.
(518) 793-4507
1735 Market Street
Philadelphia, PA
Expertises
Ongoing Investment Management, Financial Issues Between Generations, Socially Responsible Investments, Helping Clients Identify & Achieve Goals, Hourly Financial Planning Services, Charitable Giving - Trusts & Foundations
Certifications
NAPFA Registered Financial Advisor, BS, CFP®

George Blenner
Summit Financial Advisors, LLC
(215) 579-1005
1500 Market Street
Philadelphia, PA
Expertises
Middle Income Client Needs, Helping Clients Identify & Achieve Goals, Ongoing Investment Management, College/Education Planning, Retirement Planning & Distribution Rules, Cash Flow/Budgets/Credit Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Neil Kauffman
Kauffman & Drebing
(215) 546-8016
230 South Broad Street, 5th Floor
Philadelphia, PA
Expertises
Retirement Planning & Distribution Rules, Advising Medical Professionals, Hourly Financial Planning Services, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, BA, Ed.D., M.Ed., MBA

Spencer Sherman
Abacus Wealth Partners, LLC
(215) 656-4280
1818 Market Street, Suite 3740
Philadelphia, PA
Expertises
Charitable Giving - Trusts & Foundations, Estate & Generational Planning Issues, Financial Issues Between Generations, Ongoing Investment Management, Planning Issues for Business Owners, Socially Responsible Investments
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Augustine Repetto
Locust Capital Management, LLC
(215) 735-9530
1629 Locust Street
Philadelphia, PA
Expertises
Advising Medical Professionals, Advising Entrepreneurs, High Net Worth Client Needs, Helping Clients Identify & Achieve Goals, Retirement Plan Investment Advice, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, MST

Fredrick Amrein
Amrein Financial
(610) 789-1255
P.O. Box 468
Wynnewood, PA
Expertises
College/Education Planning, Retirement Planning & Distribution Rules, Planning Issues for Business Owners, Ongoing Investment Management, Retirement Plan Investment Advice, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, ChFc, MBA

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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