Retirement Planning Roanoke VA

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.

Andrew Hudick
Fee-Only Financial Planning, L.C.
(540) 342-7102
355 Campbell Avenue SW
Roanoke, VA
Expertises
Ongoing Investment Management, Advising Medical Professionals, Retirement Planning & Distribution Rules, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®, MS

Pamela Poldiak
Partners in Financial Planning, LLC
(540) 444-2930
421 South College Avenue
Salem, VA
Expertises
Advising Medical Professionals, Ongoing Investment Management, Retirement Planning & Distribution Rules, Tax Planning, Helping Clients Identify & Achieve Goals, College/Education Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA

Mr. Maynard L. Keller Jr., CFP®
(540) 904-1670
PO Box 11785
Roanoke, VA
Firm
American Financial Planning, Inc.
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, General Financial Planning, Investment Management, Tax Preparation
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided by:
Mr. Lee F. Brooks, CFP®
(540) 981-0657
1017 2nd Street SW
Roanoke, VA
Firm
Ameriprise Financial Services
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning, Elder Care
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Leslie Rhodes Carpenito, CFP®
(540) 777-5757
213 Market St SE
Roanoke, VA
Firm
Amerprise Financial Services,
Areas of Specialization
Asset Allocation, Budget Development, Charitable Giving, Comprehensive Financial Planning, Education Planning, Estate Planning, Insurance Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Cynthia Petzold
CommonWealth Financial Planning, LLC
(540) 772-0474
PO Box 21164
Roanoke, VA
Expertises
Hourly Financial Planning Services, Investment Advice without Ongoing Management, Women's Financial Planning Issues, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

James Pearman
Partners in Financial Planning, LLC
(540) 444-2930
421 South College Avenue
Salem, VA
Expertises
Retirement Planning & Distribution Rules, Estate & Generational Planning Issues, Advising Medical Professionals, Charitable Giving - Trusts & Foundations, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS

Mr. Dan Green, CFP®
(540) 510-3700
10 S Jefferson St Ste 910
Roanoke, VA
Firm
Wells Fargo Advisors, LLC.

Data Provided by:
Mr. Vance C Barrett, CFP®
(540) 588-3881
10 Franklin Rd SE Ste 201
Roanoke, VA
Firm
SunTrust Banks Inc.

Data Provided by:
Mr. Robert Edward Brailsford, CFP®
(540) 983-6917
10 Franklin Rd SE
Roanoke, VA
Firm
Davenport & Company
Areas of Specialization
Investment Management

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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