Retirement Planning Williamsburg VA

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.

Katherine Brown
The Advisory Firm of Katherine Brown, LLC
(757) 847-3040
751 Thimble Shoals Blvd., Suite H-2
Newport News, VA
Expertises
Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Hourly Financial Planning Services, Ongoing Investment Management, Investment Advice without Ongoing Management, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, BA, CSA, PFP

Mr. Joseph Fernandes, CFP®
(757) 345-3591
477 McLaws Circle, Suite 4
Williamsburg, VA
Firm
Virginia Asset Management, LLC
Areas of Specialization
Comprehensive Financial Planning, Employee and Employer Plan Benefits, Insurance Planning, Investment Management, Long-Term Care, Retirement Income Management, Retirement Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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



Data Provided by:
Mr. Donald G. Ackley, CFP®
(757) 220-9029
1315 Jamestown Rd Ste 203
Williamsburg, VA
Firm
Ameriprise Financial
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Estate Planning, Investment Management, Investment Planning, Long-Term Care
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. Roy B. Hargrove Iii, CFP®
(757) 229-7833
428 McLaws Cir
Williamsburg, VA
Firm
Wells Fargo Advisors LLC
Areas of Specialization
Asset Allocation, Investment Management, Investment Planning, Long-Term Care, Planning for Couples, Retirement Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Not Applicable

Data Provided by:
Alan L. Broderick, CFP®
(757) 259-2450
368 McLaws Cir
Williamsburg, VA
Firm
Bay Rivers Group
Areas of Specialization
Investment Management, Investment Planning, Retirement Income Management, Retirement Planning, Risk Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000



Data Provided by:
Mr. Robert C. Smith, CFP®
(757) 259-0111
351 McLaws Cir Ste 1
Williamsburg, VA
Firm
Covenant Wealth Advisors
Areas of Specialization
Comprehensive Financial Planning, Investment Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Robert G. Topping, CFP®
(757) 259-0111
351 McLaws Circle
Williamsburg, VA
Firm
Covenant Wealth Advisors, LLC
Areas of Specialization
General Financial Planning, Investment Management, Investment Planning, Retirement Planning, Wealth Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Charles R. Miller, CFP®
(757) 253-5718
209 Warehams Point
Williamsburg, VA
Firm
ACT Financial Services
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Investment Planning, Retirement Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $250,001 - $500,000

Profession: Business Executives

Data Provided by:
Mr. Richard Pietsch, CFP®
(757) 258-1063
325 McLaws Cir Ste 2
Williamsburg, VA
Firm
LPL Financial
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Insurance Planning, Intergenerational Planning, Retirement Income Management, Retirement Planning

Data Provided by:
Mr. W. Scott Mowry, CFP®
(757) 220-9730
411 Scotland Street
Williamsburg, VA
Firm
Legacy Financial Group
Areas of Specialization
Wealth Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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



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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