Retirement Planning Saint Cloud 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.

Mr. Randall A. Berns, CFP®
(320) 203-6573
4150 Second St S
St. Cloud, MN
Firm
UBS Financial Services Inc.
Areas of Specialization
Retirement Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. Royce N. Nies, CFP®
(320) 650-0250
220 Park Ave S
Saint Cloud, MN
Firm
Nies Financial Group

Data Provided by:
Mr. Jeffrey J. Botz, CFP®
(320) 259-3531
400 1st St S Ste 200
Saint Cloud, MN
Firm
Wells Fargo Advisors
Areas of Specialization
Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning, Investment Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Mrs. Patricia J. Hinds, CFP®
(320) 202-1655
1411 West Saint Germain Street
Saint Cloud, MN
Firm
Granite Financial/Securities A
Areas of Specialization
Retirement Income Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Scott Douglas Erickson, CFP®
(320) 654-6715
1765 Roosevelt Rd
Saint Cloud, MN
Firm
Ameriprise Financial
Areas of Specialization
Comprehensive Financial Planning, Debt Management, Education Planning, Elder Care, Estate Planning, General Financial Planning, Insurance Planning

Data Provided by:
Mr. Jacob Richard Overman, CFP®
(320) 223-6623
3315 Roosevelt Rd
Saint Cloud, MN
Firm
Northwestern Mutual
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Estate Planning, General Financial Planning, Insurance Planning, Investment Management
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Not Applicable

Data Provided by:
Mr. Barclay G. Carriar, CFP®
(320) 654-6715
1765 Roosevelt Road
Saint Cloud, MN
Firm
Johnson, Carriar, Kruchten, Anderson & Associates
Areas of Specialization
Comprehensive Financial Planning, Education Planning, Estate Planning, Insurance Planning, Investment Planning, Retirement Planning, Tax Planning

Data Provided by:
Mr. Mark C. Christianson, CFP®
(320) 259-8363
1015 W Saint Germain St
Saint Cloud, MN
Firm
U.S. Bank Private Client Group
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Divorce Issues, Employee and Employer Plan Benefits, Estate Planning, Investment Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Business Executives

Data Provided by:
Paul Alan Radeke, CFP®
(320) 650-0250
220 Park Ave S
Saint Cloud, MN
Firm
KDV Wealth Management
Areas of Specialization
Accounting, Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Divorce Issues, Employee and Employer Plan Benefits, Estate Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Mr. Terry J. Hjort, CFP®
(320) 229-2230
3721 23rd Street South
St. Cloud, MN
Firm
Schoenberg Kosel & Hjort Finan
Areas of Specialization
Comprehensive Financial Planning, Investment Management, Retirement Income Management, Retirement Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Self-Employed Business Owners

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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