Retirement Planning Richmond KY

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.

Melody Townsend
Townsend Financial Planning
(859) 299-2020
2716 Old Rosebud Road, Suite 180
Lexington, KY
Expertises
Hourly Financial Planning Services, Ongoing Investment Management, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues, Cash Flow/Budgets/Credit Issues, Insurance Related Issues, including Annuities
Certifications
NAPFA Registered Financial Advisor, CFP®

Scott Neal
D. Scott Neal, Inc.
(859) 254-3036
1999 Richmond Road
Lexington, KY
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Retirement Plan Investment Advice, Cash Flow/Budgets/Credit Issues, Planning Issues for Business Owners, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS, M.Div., MBA

Mr. Douglas T. Hawkins, CFP®
(606) 271-0529
409 Worthington Pl
Richmond, KY
Firm
Precision Financial Group Inc
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Comprehensive Financial Planning, Debt Management, Elder Care, Employee and Employer Plan Benefits
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Legal Professionals

Data Provided by:
Mr. Harvey Roy Little Jr., CFP®
(859) 625-2824
115 Cherry Road Ct
Berea, KY
Firm
Harvey R Little, JR Financial Services
Areas of Specialization
Asset Allocation, Banking, Budget Development, Charitable Giving, Comprehensive Financial Planning, Debt Management, Disaster Recovery
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Mr. Tommy E. Roberts, CFP®
(859) 253-6431
3101 Mapleleaf Drive
Lexington, KY
Firm
Central Investment Center Inc
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Comprehensive Financial Planning, Debt Management, Disaster Recovery, Divorce Issues

Data Provided by:
Ralph Scearce
Cambridge Financial
(859) 269-3104
1089 Chinoe Road
Lexington, KY
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Middle Income Client Needs, Tax Planning
Certifications
NAPFA Registered Financial Advisor, BS, CFP®

Mr. Kristoffer D. Arnold, CFP®
(859) 626-3400
306 Highland Park Dr
Richmond, KY
Firm
LPL Financial Services

Data Provided by:
Mr. Mark D. Van Leeuwen, CFP®
(859) 626-3400
306 Highland Park Dr
Richmond, KY
Firm
Van Leeuwen & Assoc

Data Provided by:
Mr. Charles K. Buckley, CFP®
(859) 223-6333
105 Wind Haven Drive
Nicholasville, KY
Firm
Spectrum Financial Alliance
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Employee and Employer Plan Benefits, Estate Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Business Executives

Data Provided by:
Mr. Mehrdad Bidarian, CFP®
(859) 271-8694
176 E Reynolds Rd Ste 200
Lexington, KY
Firm
MoneyLine Financial Services
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Divorce Issues, Education Planning, Employee and Employer Plan Benefits, Estate Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Business Executives

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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