Retirement Planning Rochester NY

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.

Steven Schwartz
Wealth Design Services Inc.
(585) 442-3230
940 Westfall Road
Rochester, NY
Expertises
Tax Planning, Advising Medical Professionals, Women's Financial Planning Issues, Charitable Giving - Trusts & Foundations, Ongoing Investment Management, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CPA/PFS, JD

Timothy Hayes
Landmark Financial Advisory Services, LLC
(585) 381-2390
11 State Street
Pittsford, NY
Expertises
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
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Kay Conheady
Apropos Financial Planning
(585) 533-1950
8 Birchstone Hill
Rush, NY
Expertises
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
Certifications
NAPFA Registered Financial Advisor, BA, BS, CFP®

Mr. Scott G. Klatt, CFP®
(585) 935-5300
36 West main Street
Rochester, NY
Firm
High Falls Advisors

Data Provided by:
Mr. Larry H. Rabinowitz, CFP®
(585) 546-9480
1 East Ave
Rochester, NY
Firm
US Trust, Bank of America Private Wealth Management

Data Provided by:
Curt Fey
Fey Asset Management LTD
(585) 244-0152
25 Esternay Lane
Pittsford, NY
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, Advising Medical Professionals, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFA, CFP®, MBA, PhD

Jeffrey Feldman
Rochester Financial Services
(585) 442-7580
7 Hastings Circle
Pittsford, NY
Expertises
Ongoing Investment Management, Tax Planning, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules, College/Education Planning, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®, PhD

Mr. James T. Englert, CFP®
(585) 935-5300
36 W Main St Ste 322
Rochester, NY
Firm
High Falls Advisors, LLC

Data Provided by:
Mark B. Jones, CFP®
(585) 943-8694
85 Allen Street, Suite 300
Rochester, NY
Firm
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

Data Provided by:
Mr. Thomas M. Farace, CFP®
(585) 263-1440
1300 Clinton Sq
Rochester, NY
Firm
Nixon Peabody LLP
Areas of Specialization
Accounting, Comprehensive Financial Planning, Estate Planning, General Financial Planning, Investment Management, Legal Advice, Retirement Income Management
Key Considerations
Average Net Worth: $5,000,001 or more

Average Income: $250,001 - $500,000

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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