Retirement Planning Silver Spring MD

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 Thalheimer
Thalheimer Financial Planning
(301) 589-6868
715 Boundary Avenue
Silver Spring, MD
Expertises
Helping Clients Identify & Achieve Goals, Middle Income Client Needs, Planning Issues for Unmarried & Same-Sex Couples
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, MA

Denise Leish
Money Plans
(301) 589-4250
8701 Georgia Avenue, Suite 710
Silver Spring, MD
Expertises
Ongoing Investment Management, Middle Income Client Needs, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BS, MBA

James McGrath
Financial Strategies, Inc.
(301) 984-7750
11300 Rockville Pike, Suite 1208
Rockville, MD
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Divorce Planning, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, CLU, CPA

Donald Lord
The Family Firm, Inc.
(301) 656-3999
8120 Woodmont Avenue, Suite 630
Bethesda, MD
Expertises
Retirement Plan Investment Advice, Estate & Generational Planning Issues, Planning Issues for Business Owners, High Net Worth Client Needs, Planning Issues for Unmarried & Same-Sex Couples, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, CFP®, CRPC

Susan Fulton
FBB Capital Partners
(301) 657-8870
4520 East West Highway, Suite 450
Bethesda, MD
Expertises
Ongoing Investment Management, Socially Responsible Investments, Women's Financial Planning Issues, Charitable Giving - Trusts & Foundations
Certifications
NAPFA Registered Financial Advisor, CFP®

John Dolan
Dolan Financial Corporation
(301) 495-5900
8455 Colesville Road, Suite 710
Silver Spring, MD
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BA, CFP®

L. Edward O'Hara
Capital Asset Management Services
(301) 680-0840
12510 Prosperity Drive, Suite 150
Silver Spring, MD
Expertises
Ongoing Investment Management, Middle Income Client Needs, Tax Planning
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, EA

Fred Cornelius
Burt Associates, Inc.
(301) 770-9880 Ext: 13
6010 Executive Boulevard, Suite 900
Rockville, MD
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Financial Issues Between Generations, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFA, CFP®

Thomas Conway
Connemara Fee Only Planning, LLC
(301) 998-6595
1700 Rockville Pike, Suite 400
Rockville, MD
Expertises
Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Investment Advice without Ongoing Management, Estate & Generational Planning Issues, Planning Issues for Business Owners, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, CFP®, JD

Mary Malgoire
The Family Firm, Inc.
(301) 656-3999
8120 Woodmont Avenue, Suite 630
Bethesda, MD
Expertises
Retirement Plan Investment Advice, Women's Financial Planning Issues, High Net Worth Client Needs, Advising Medical Professionals, Ongoing Investment Management, Planning Issues for Unmarried & Same-Sex Couples
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

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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