Retirement Planning Wichita Falls 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.

Mr. Charles B. Prothro, CFP®
(940) 767-0303
1708 Dayton Avenue
Wichita Falls, TX
Firm
Charles Prothro Financial
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning

Data Provided by:
Mr. Chris S. Bybee, CFP®
(940) 720-7618
2525 Kell Blvd Ste 310
Wichita Falls, TX
Firm
Stifel Nicolaus
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Estate Planning, General Financial 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. Kenneth W. Worley, CFP®
(940) 687-0700
3508 McNiel Ave Ste A
Wichita Falls, TX
Firm
Cornerstone Wealth Management Group
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Comprehensive Financial Planning, Education Planning, Elder Care, Employee and Employer Plan Benefits

Data Provided by:
Mr. Ralph A. Grantom, CFP®
(940) 723-7354
2901 Garnett
Wichita Falls, TX
Firm
Wells Fargo Advisors, LLC
Areas of Specialization
Asset Allocation, Education Planning, Estate Planning, General Financial Planning, Insurance Planning, Investment Management, Long-Term Care
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Bank of America
(940) 723-4581
810 Lamar
Wichita Falls, TX
Type
Banking Center

Mr. Gary William Silverman, CFP®
(940) 692-6885
4245 Kemp Blvd
Wichita Falls, TX
Firm
Personal Money Planning
Areas of Specialization
Asset Allocation, General Financial Planning, Investment Management, Investment Planning, Retirement Income Management, Retirement Planning

Data Provided by:
Mr. Royal D. Hoffman, CFP®
(940) 767-7142
2637 Plaza Pkwy
Wichita Falls, TX
Firm
Johnson & Hoffman PC
Areas of Specialization
Accounting, Asset Allocation, Charitable Giving, Education Planning, Estate Planning, General Financial Planning, Investment Management

Data Provided by:
Mr. Tim E Cornelius, CFP®
(940) 692-0777
4245 Kemp Blvd Ste 720
Wichita Falls, TX
Firm
MetLife

Data Provided by:
Wells Fargo - Wichita Falls Fairway Office
(940) 696-9493
4590 Kell Blvd Ste C
Wichita Falls, TX
Type
In-Store Branch
Office Hours
Mon-Fri 09:00 AM-07:00 PM
Sat 09:00 AM-05:00 PM
Sun Closed

Chase Bank
(940) 761-1481
908 8th St
Wichita Falls, TX
Type
Freestanding
Office Hours
Mon:9:00-5:00
Tues:9:00-5:00
Wed:9:00-5:00
Thurs:9:00-5:00
Fri:9:00-6:00
Sat:closed
Sun:closed

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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