Retirement Planning Rochester MN

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.

Peter Melsness
Superior Financial, LLC
(507) 316-0160
2430 5th Avenue NW
Rochester, MN
Expertises
Advising Employee Benefit Plan Participants, Helping Clients Identify & Achieve Goals, Ongoing Investment Management, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, CFP®, MS

Peter S Melsness, CFP®
(507) 316-0160
2430 5th Ave. NW
Rochester, MN
Firm
Superior Financial, LLC
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning, Investment Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Medical/Dental Professionals

Data Provided by:
Mr. Perry L Diede, CFP®
(507) 289-3601
975 34th Ave NW Ste 250
Rochester, MN
Firm
Wealth Enhancement Group, Inc

Data Provided by:
Mr. Kelly M Anderson, CFP®
(507) 280-3425
1016 Civic Center Dr NW
Rochester, MN
Firm
Home Federal Investment Services
Areas of Specialization
Estate Planning, Investment Management, Retirement Planning, Women's Finances
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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



Data Provided by:
Mr. Paul J. Proft, CFP®
(888) 221-6311
5721 Bandel Rd. NW
Rochester, MN
Firm
Thrivent Financial for Lutherans
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Ray Johnson
Adviser Financial Group, Inc.
(507) 280-8897
2746 Superior Drive NW, Suite 250
Rochester, MN
Expertises
Retirement Planning & Distribution Rules, Tax Planning, Hourly Financial Planning Services, Helping Clients Identify & Achieve Goals, Advising Employee Benefit Plan Participants
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Mr. Terry D. Nelson, CFP®
(507) 281-1262
3428 Lakeridge PL NW
Rochester, MN
Firm
Olmsted Financial Group
Areas of Specialization
Charitable Giving, Government and Military, Human Resources, Insurance Planning, Long-Term Care, Retirement Income Management, Risk Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Medical/Dental Professionals

Data Provided by:
Brian James Martin, CFP®
(507) 281-4341
4115 26th St NW Ste 100
Rochester, MN
Firm
Ameriprise Financial

Data Provided by:
Gregory B. Nelson, CFP®
(507) 536-9176
2434 Superior Dr NW Ste 101
Rochester, MN
Firm
Next Financial Group
Areas of Specialization
Comprehensive Financial Planning, Education Planning, Estate Planning, Insurance Planning, Retirement Planning

Data Provided by:
Chad A. Durgin, CFP®
(507) 424-2331
4131 26th St. NW
Rochester, MN
Firm
Thrivent Financial for Lutherans
Areas of Specialization
Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Insurance Planning, Long-Term Care, Retirement Planning

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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