Retirement Planning Staten Island NY

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.

Anthony DeVito
ADV Investment Management & Financial Planning
(800) 732-5031
151 Overlook Avenue
Staten Island, NY
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Advising Medical Professionals, Retirement Planning & Distribution Rules, Advising Employee Benefit Plan Participants, Hourly Financial Planning Services
Certifications
NAPFA Registered Financial Advisor, CFP®, PhD

Bradley Rudman
Rudman Cannon Financial Advisors
(212) 461-2292
44 Wall Street, 12th Floor
New York, NY
Expertises
Advising Employee Benefit Plan Participants, Advising Medical Professionals, Tax Planning, Real Estate Investments, Ongoing Investment Management, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, CFP®

Robert Ince
Tribeca Financial Planning LLC
(212) 406-3616
79 Worth Street, 4F
New York, NY
Expertises
Cash Flow/Budgets/Credit Issues, Hourly Financial Planning Services, Ongoing Investment Management, Investment Advice without Ongoing Management, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFA, CFP®

Stacy Francis
Francis Financial
(212) 374-9008
111 John Street, Suite 240
New York, NY
Expertises
Financial Issues Between Generations, Ongoing Investment Management, Socially Responsible Investments, Divorce Planning, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CDFA, CFP®

Judith Haselton
Harmony Financial Advisors, LLC
(212) 677-6100
60 East 8th Street, Suite 26E
New York, NY
Expertises
Women's Financial Planning Issues, Divorce Planning, Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Socially Responsible Investments, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

C. E. Scott Brewster
Brewster Financial Planning LLC
(646) 249-9880
618 Carroll Street, 3rd Floor
Brooklyn, NY
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Roman Franklin
Franklin Financial Planning, Inc.
(866) 653-9907
48 Wall Street (Financial District)
New York, NY
Expertises
Ongoing Investment Management, Women's Financial Planning Issues, Retirement Planning & Distribution Rules, Real Estate Investments, Retirement Plan Investment Advice, Tax Planning
Certifications
NAPFA Registered Financial Advisor, BS, RFC

George Martin Poole
HFH Planning Inc
(212) 402-5444
75 Maiden Lane #605
New York, NY
Expertises
Hourly Financial Planning Services, Helping Clients Identify & Achieve Goals, Cash Flow/Budgets/Credit Issues, Middle Income Client Needs, Investment Advice without Ongoing Management, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®, RFC, ADPA

Stanley Ehrlich
S.F. Ehrlich Associates, Inc.
(908) 789-1100
PO Box 2278
Westfield, NJ
Expertises
Cash Flow/Budgets/Credit Issues, Planning Issues for Business Owners, Middle Income Client Needs, Ongoing Investment Management, Retirement Planning & Distribution Rules, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, MA, MPA

Cindy Sterling
Sterling Financial Planning
(212) 405-1616
215 Park Avenue South, Suite 1402
New York, NY
Expertises
Cash Flow/Budgets/Credit Issues, Charitable Giving - Trusts & Foundations, Newlyweds & Novice Investors, Planning Issues for Unmarried & Same-Sex Couples, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, ChFc, MS

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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