Retirement Planning Rochester NY
Wealth Design Services Inc.
Tax Planning, Advising Medical Professionals, Women's Financial Planning Issues, Charitable Giving - Trusts & Foundations, Ongoing Investment Management, Retirement Planning & Distribution Rules
NAPFA Registered Financial Advisor, CPA/PFS, JD
Fey Asset Management LTD
Ongoing Investment Management, Planning Issues for Business Owners, Advising Medical Professionals, Retirement Planning & Distribution Rules
NAPFA Registered Financial Advisor, CFA, CFP®, MBA, PhD
Apropos Financial Planning
Retirement Planning & Distribution Rules, College/Education Planning, Middle Income Client Needs, Planning Issues for Unmarried & Same-Sex Couples, Cash Flow/Budgets/Credit Issues, Investment Advice without Ongoing Management
NAPFA Registered Financial Advisor, BA, BS, CFP®
US Trust, Bank of America Private Wealth Management
Landmark Financial Advisory Services, LLC
College/Education Planning, Investment Advice without Ongoing Management, Retirement Planning & Distribution Rules, Middle Income Client Needs, Hourly Financial Planning Services, Insurance Related Issues, including Annuities
NAPFA Registered Financial Advisor, CFP®, MBA
Rochester Financial Services
Ongoing Investment Management, Tax Planning, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules, College/Education Planning, High Net Worth Client Needs
NAPFA Registered Financial Advisor, CFP®, PhD
North Landing Financial
Areas of Specialization
Comprehensive Financial Planning, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning, Investment Planning, Retirement Income Management, Retirement Planning
Howe and Rusling, Inc.
Areas of Specialization
Investment Management, Investment Planning, Retirement Income Management, Retirement Planning, Securities, Sudden Wealth Management, Wealth Management
Average Net Worth: $500,001 - $1,000,000
Average Income: $100,001 - $250,000
Profession: Service Professionals
By: Jonas Zamora
Jonas Zamora is a Certified Financial PlannerTM professional. You may contact him at firstname.lastname@example.org
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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