Retirement Planning Springfield 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.

James Blankenship
Blankenship Financial Planning, Ltd.
(217) 391-6650
116 West Illinois Street
New Berlin, IL
Expertises
Newlyweds & Novice Investors, Planning Issues for Business Owners, College/Education Planning, Middle Income Client Needs, Advising Employee Benefit Plan Participants, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc, EA

Mr. Randy L. Taylor, CFP®
(217) 747-0100
600 E Adams St
Springfield, IL
Firm
ESP Wealth Management, LLC
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning

Data Provided by:
Mr. Paul Schafer, CFP®
(217) 525-1111
600 E Adams St
Springfield, IL
Firm
Eck, Schafer & Punke, LLP
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning

Data Provided by:
Ms. Juanita Y. Morris, CFP®
(217) 585-6970
3324 Sherman St
Springfield, IL

Data Provided by:
Ms. Sheila E. Mack, CFP®
(217) 789-0000
1210 S 5th St
Springfield, IL
Firm
Royal Alliance Associates
Areas of Specialization
Asset Allocation

Data Provided by:
Mr. Bruce E. Thompson, CFP®
(217) 523-3355
PO Box 159
Springfield, IL
Firm
McGladrey, LLP

Data Provided by:
Mr. Craig R. Schermerhorn, CFP®
(217) 726-5862
3400 Hedley Rd
Springfield, IL
Firm
Benjamin F. Edwards & Co

Data Provided by:
Mr. Douglas L. Skinner, CFP®
(217) 753-4020
3000 Professional Drive
Springfield, IL
Firm
Skinner, Copper & Ehmen Wealth Management LLC
Areas of Specialization
Banking, Comprehensive Financial Planning, Education Planning, Estate Planning, Insurance Planning, Investment Management, Long-Term Care
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Business Executives

Data Provided by:
Mr. Michael K. Armour, CFP®
(217) 528-4846
1307 S 7th St
Springfield, IL
Firm
Bird Armour LLC
Areas of Specialization
Accounting, Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Estate Planning, General Financial Planning, Investment Management
Key Considerations
Profession: Not Applicable

Data Provided by:
Michael Kip Leverton, CFP®
(217) 547-2937
3201 W White Oaks Dr Ste 201
Springfield, IL
Firm
Morgan Stanley Smith Barney
Areas of Specialization
Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Estate Planning, Life Planning, Long-Term Care, Retirement Income Management
Key Considerations
Average Net Worth: $250,001 - $500,000

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

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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