Retirement Planning Rockford IL

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.

Jon Aldrich
Focus Financial Advisors
(815) 633-8844
6870 Rote Road, Suite 101
Rockford, IL
Expertises
Ongoing Investment Management, Charitable Giving - Trusts & Foundations, Planning Concerns for Corporate Executives, Tax Planning, Retirement Plan Investment Advice, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA

Brian Conroy
SAVANT Capital Management, Inc.
(815) 227-0300
190 Buckley Drive
Rockford, IL
Expertises
Ongoing Investment Management, Advising Medical Professionals, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®

Mr. Bruce D. Vandegrift, CFP®
(815) 961-7121
501 7th St
Rockford, IL
Firm
BMO Private Bank
Areas of Specialization
Banking, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Education Planning, Elder Care, Estate Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Profession: Not Applicable

Data Provided by:
Mr. Palmer V. Klaas, CFP®
(815) 997-5701
4615 East State St., Suite 200
Rockford, IL
Firm
Palmer Klaas Financial Group, L.L.C.

Data Provided by:
Julie A. O'Rourke, CFP®
(815) 231-2822
6838 E State St
Rockford, IL
Firm
Alpine Trust and Investment Group
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Investment Management, Retirement Planning, Social Security Planning, Women's Finances

Data Provided by:
Thomas Muldowney
SAVANT Capital Management, Inc.
(815) 227-0300
190 Buckley Drive
Rockford, IL
Expertises
Planning Issues for Business Owners, Estate & Generational Planning Issues, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, AIF, CFP®, ChFc, CLU, CRC, MSFS

Mrs. Lisa M Roche-Berlage, CFP®
(815) 484-5649
4949 Harrison Ave
Rockford , IL
Firm
Wipfli Hewins Investment Advisors
Areas of Specialization
Budget Development, Comprehensive Financial Planning, Divorce Issues, Investment Management, Life Planning, Retirement Planning, Women's Finances
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. Andrew L. Larsen, CFP®
(815) 332-6700
7445 Newburg Rd
Rockford, IL
Firm
Massino Financial Group
Areas of Specialization
Wealth Management

Data Provided by:
Mr. David M. Cyrs, CFP®
(815) 316-1111
1111 S Alpine Rd
Rockford, IL
Firm
CYRS Wealth Advisors
Areas of Specialization
Charitable Giving, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Estate Planning, Investment Management, Retirement Income Management, Wealth Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Business Executives

Data Provided by:
Michele A Griepentrog, CFP®
(815) 231-2485
6838 E State St
Rockford, IL
Firm
Alpine Trust & Investment Group

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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