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Retirement Planning Tyler TX

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.

Mrs. Billie C. Pettey, CFP®
(903) 592-7526
305 S Broadway Ave Ste 702
Tyler, TX
Firm
Ameriprise Financial Services,

Data Provided by:
Mr. Danny Lee Simmons, CFP®
(903) 561-9380
3600 Old Bullard Rd Ste 400
Tyler, TX
Firm
Financial Express Wealth Management Group
Areas of Specialization
Accounting, Business Succession Planning, Comprehensive Financial Planning, Education Planning, Elder Care, Employee and Employer Plan Benefits, Estate Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Mr. Jeffery D. Feliciano, CFP®
(903) 533-8585
1828 E Southeast Loop 323 Ste 200
Tyler, TX
Firm
Feliciano Financial Group

Data Provided by:
Mr. Michael W. Evans, CFP®
(903) 534-4900
909 E SE Loop 323 Ste 210
Tyler, TX
Firm
Legacy Group
Areas of Specialization
Comprehensive Financial Planning, Elder Care, Estate Planning, Investment Management, Retirement Planning

Data Provided by:
Ms. Kathryn Collie Diduch, CFP®
(903) 581-6377
6725 Highlands Ct
Tyler, TX
Firm
Lincoln Investment Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. Daniel T. Griffith, CFP®
(903) 597-6311
3310 S Broadway Ave Ste 100
Tyler, TX
Firm
Henry & Peters, PC
Areas of Specialization
Accounting, Asset Allocation, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Debt Management

Data Provided by:
Mr. Kerry M. Symes, CFP®
(903) 597-5745
900 Camellia
Tyler, TX

Data Provided by:
Mr. Alan M. Roseman, CFP®
(903) 747-3911
3304 S Broadway Ave Ste 202
Tyler, TX
Firm
Roseman Wealth Advisors
Areas of Specialization
Accounting, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Debt Management, Education Planning, Employee and Employer Plan Benefits

Data Provided by:
Ms. W. Joy Adams, CFP®
(903) 595-4236
6643 Oak Hill Blvd
Tyler, TX
Firm
Adams Financial Group
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Divorce Issues, Estate Planning, General Financial Planning, Insurance Planning

Data Provided by:
Mr. Frank Barnett, CFP®
(903) 533-1090
6101 S Broadway Ave Ste 400
Tyler, TX
Firm
rbc
Areas of Specialization
Investment Management

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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