Retirement Planning Traverse City MI

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.

Mark Folgmann
Ark Advisors LLC
(231) 668-4118
1010 S. Garfield Ave Suite 409
Traverse City, MI
Expertises
Planning Issues for Business Owners, Retirement Planning & Distribution Rules, Tax Planning, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, AIF, ChFc, CLU

Kevin Russell
Financial & Investment Management Group
(231) 929-4500
111 Cass Street
Traverse City, MI
Expertises
Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, AAMS, CFP®, CPA, CRPC

Elizabeth Baer
Elizabeth Rutter Baer, CFP INC
(517) 321-4832
7568 Ole White Drive
Lake Ann, MI
Expertises
Hourly Financial Planning Services, Investment Advice without Ongoing Management, Ongoing Investment Management, Retirement Plan Investment Advice, Helping Clients Identify & Achieve Goals, Planning Issues for Unmarried & Same-Sex Couples
Certifications
NAPFA Registered Financial Advisor, BA, CFP®

Mr. James M Taylor, CFP®
(231) 946-1722
415 Munson Ave
Traverse City, MI
Firm
Dennis Gartland & Niergarth

Data Provided by:
Mr. James P. Olesnavage, CFP®
(231) 922-8993
1925 Coral Ln
Traverse City, MI
Firm
LPL Financial
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Debt Management, Divorce Issues, Education Planning

Data Provided by:
Jay Berger
Independent Wealth Management
(231) 929-1086
236 1/2 E. Front Street
Traverse City, MI
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Planning Issues for Business Owners, Helping Clients Identify & Achieve Goals, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®

Erik Falconer
Falconer Group
(231) 946-5320
PO Box 4318
Traverse City, MI
Expertises
Ongoing Investment Management, High Net Worth Client Needs, Charitable Giving - Trusts & Foundations, Alternative or Private Investments, Socially Responsible Investments, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFA, CFP®

Robert W. Stibbs, CFP®
(231) 929-4100
880 Munson Ave Ste B
Traverse City, MI
Firm
Old Mission Investment Company LLC

Data Provided by:
Mr. John A. Ehardt, CFP®
(231) 922-8993
1925 Coral Ln
Traverse City, MI
Firm
Advance Financial Group, Inc.

Data Provided by:
Mr. William J Stone, CFP®
(231) 932-5647
600 E. Front Street
Traverse City, MI
Firm
Plante Moran Financial Advisor

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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