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Retirement Planning Utica 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.

Mr. Brant William Ford, CFP®
(315) 624-0940
2714 Genesee St
Utica, NY
Firm
Ford English Financial Group, LLC
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Education Planning, Estate Planning, Insurance Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Mark Lewandrowski, CFP®
(315) 724-5078
2406 Genesee St
Utica, NY
Firm
Ameriprise Financial
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: $50,001 - $100,000



Data Provided by:
Mr. Alan R. Leist Jr., CFP®
(315) 735-7553
114 Business Park Dr
Utica, NY
Firm
Alan R Leist Planning Group, Inc.

Data Provided by:
Mr. Robert A. Dicks Jr., CFP®
(315) 768-3808
587 Main St Ste 107
New York Mills, NY
Firm
Robert A. Dicks Jr. Inc

Data Provided by:
Ms. Honorine M. Wallack, CFP®
(315) 738-4585
555 French Rd
New Hartford, NY
Firm
M.Griffith Investment Services
Areas of Specialization
Asset Allocation, Banking, Comprehensive Financial Planning, Estate Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

Average Income: $50,001 - $100,000

Profession: Service Professionals

Data Provided by:
Mr. Richard E. Tennant, CFP®
(315) 733-5995
2502 State Route 5
Utica, NY
Firm
Ameriprise Financial Services

Data Provided by:
Mr. Michael T. Beck, CFP®
(315) 235-0071
270 Genesee St
Utica, NY
Firm
NBT Bank Financial Group
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Education Planning, Estate Planning, Insurance Planning, Investment Management

Data Provided by:
Mr. David R. Depiazza, CFP®
(321) 282-3569
121 Tarlton Dr
Utica, NY
Firm
Plan.Protect.Invest.
Areas of Specialization
Asset Allocation, Banking, Budget Development, Business Succession Planning, Comprehensive Financial Planning, Debt Management, Education Planning

Data Provided by:
Mr. Timothy J. Cordell, CFP®
(315) 351-4304
600 French Rd
New Hartford, NY
Firm
Prudential

Data Provided by:
Mr. Dennis D. Coughlin, CFP®
(315) 765-6032
610 French Rd
New Hartford, NY
Firm
CoughlinGiambrone
Areas of Specialization
Business Succession Planning, Comprehensive Financial Planning, Estate Planning, Insurance Planning, Investment Management, Long-Term Care, Retirement Income Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

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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