Retirement Planning South Bend IN

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.

Jeneen L. Crane, CFP®
(800) 756-6210
110 S. Main St
South Bend, IN
Firm
TCU Investment Services
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Estate Planning, General Financial Planning, Investment Management, Investment Planning

Data Provided by:
Mr. Frederick J. Lamble, CFP®
(574) 237-5209
202 S Michigan St
South Bend, IN
Firm
Key Private Bank

Data Provided by:
Mr. David B. Graham Jr., CFP®
(574) 237-3359
1251 N Eddy St Ste 203
South Bend, IN
Firm
Wells Fargo Advisors, LLC

Data Provided by:
Mr. Ronald A. Silverman, CFP®
(574) 232-8000
914 Lincoln Way W Ste 212
South Bend, IN
Firm
Creative Finl Plng Advisors In
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Divorce Issues, Investment Management, Retirement Planning, Tax Planning, Tax Preparation
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Joseph A. Catanzarite, CFP®
(574) 232-2650
57065 Lone Oak Ct
South Bend, IN
Firm
Catanzarite Financial Services
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Estate Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Business Executives

Data Provided by:
Mrs. Karen L Nevorski, CFP®
(574) 855-5083
101 N Michigan St Ste 200
South Bend, IN
Firm
Lake City Bank
Areas of Specialization
Estate Planning, Wealth Management

Data Provided by:
Mr. Waylon F. Peterson, CFP®
(574) 284-6210
110 S Main St
South Bend, IN
Firm
TCU Trust Services
Areas of Specialization
Wealth Management

Data Provided by:
Mr. F. Peter Braasch, CFP®
PO Box 1602
South Bend, IN
Firm
1st Source Bank

Data Provided by:
Mr. Paul W Schaefer Jr., CFP®
(574) 291-2181
1930 E Ireland Rd
South Bend, IN
Firm
TCU Investments
Areas of Specialization
Retirement Income Management, Retirement Planning, Wealth Management

Data Provided by:
Mr. Eric Bradley Ytterberg, CFP®
16285 State Road 23
South Bend, IN
Firm
Edward Jones

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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