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Retirement Planning Services Bangor ME

It’s never too early to start your retirement planning. The sooner you start the more money you collect. It’s important to look for quality jobs that have benefits packages you can take full advantage of. A 401(k) is a retirement plan set up by employers that allows employees to defer or invest a portion of their income, pre-tax, to their retirement plan. Here you’ll find useful retirement tips that will definitely help you with your retirement planning. Please scroll down for more information and access to the retirement financial advisors in Bangor, ME listed below that can explain more and even get you started on your retirement savings.

Abigail Pons
Capella Financial Services, LLC
(207) 370-4269
27 State Street, #32
Bangor, ME
Expertises
Socially Responsible Investments, Hourly Financial Planning Services, Middle Income Client Needs, Investment Advice without Ongoing Management, Retirement Plan Investment Advice, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Mr. James E. Bradley, CFP®
(207) 990-1901
9 May St
Bangor, ME
Firm
Bradley & Johndrow, LLC

Data Provided By:
Mr. James A. Macleod, CFP®
(207) 262-4992
99 Franklin Street
Bangor, ME
Firm
Bangor Savings Bank

Data Provided By:
Mr. Bruce Roscher, CFP®
(207) 947-0558
498 Essex St
Bangor, ME
Firm
Neurology Associates of Easter

Data Provided By:
Mrs. Patricia Dawn Freiwald, CFP®
(207) 974-4153
871 Hammond St
Bangor, ME
Firm
BANGOR SAVINGS BANK
Areas of Specialization
Employee and Employer Plan Benefits, General Financial Planning, Investment Management, Retirement Planning, Risk Management, Wealth Management
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Service Professionals

Data Provided By:
Mr. R. Kenneth Lindell Jr., CFP®
(207) 433-5853
One Cumberland Pl
Bangor, ME
Firm
RK Lindell & Co
Areas of Specialization
Comprehensive Financial Planning, Cross-Border Planning, Education Planning, Employee and Employer Plan Benefits, Wealth Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Self-Employed Business Owners

Data Provided By:
Mrs. Racquel H Tibbetts, CFP®
(207) 262-5713
23 Water Street
Bangor, ME
Firm
KeyBank, N.A.
Areas of Specialization
Investment Management

Data Provided By:
Mr. Donald C. Hagstrom, CFP®
(207) 942-2367
105 Main Street
Bangor, ME
Firm
Ameriprise Financial

Data Provided By:
Ms. Durell Buzzini, CFP®
(207) 947-4543
One Merchants Plaza, 3rd floor
Bangor, ME
Firm
UBS Financial Services, Inc.

Data Provided By:
Mr. Ronald L. Albrecht, CFP®
(207) 356-9830
98 Judson Blvd
Bangor, ME
Firm
Albrecht Financial Services PA

Data Provided By:
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Investing in 401(k)s and IRAs

By Christopher Stella

So it’s the first day of work and HR asks whether or not you want to open up a 401(k) retirement account. “Heaven’s to Betsy” you say in your most petulant grandfatherly voice: why the hell do I need a retirement account? Ahh…so you say that now. But what happens when you’re 50 years old and realize that had you contributed a measly $100 a month to an account earning a reasonably conservative 6% interest rate, you could have been sitting on a cool $120,000. Not exactly a chunk of change to shake a cane at. But there’s more. Firstly, each of those piddly $100 contributions is tax free, meaning that had you not deposited them into the account, you would have only received about $60 to spend. Secondly, your employer (depending on their level of altruism) will frequently match those contributions up to a certain amount (usually between $1,000 and $2,000 a year). So now you’re talking close to a quarter of a million dollars, half of which was free!!!! Alright, so there’s a little more to it than that, but that’s the basic gist.

Statistics show that you need about 75% of your pre-retirement income to maintain a similar standard of living. So if you're making $150,000 a year, retire at 60, and stick around until you're 90, you'll need to save over $3,000,000. Here's are two easy ways you can make you can make that happen.

What’s a 401(k)?

A 401(k) is a retirement plan set up by employers that allows employees to defer (or invest) a portion of their income, pre-tax, to their plan. For example, if you make $45,000 a year, and contribute $2,000 to our 401(k), then you will only be taxed on $43,000 of your salary at the end of the year. Taxes on $2,000 are paid later when you take out the money during retirement. So why bother contributing?

A 401(k) is like a savings account on steroids. Because your deferral is pre-tax, it means you have more money to contribute, and a larger account grows faster. Further, employers often “match” or contribute a percentage of your deferral as well.

But don’t think that this is just some cash give-away-free-for-all. There are rules. First, the money can’t be withdrawn before the age of 59.5, unless there is an extenuating circumstance, such as serious financial hardship or disability. Otherwise, early withdrawals are subject to a 10% penalty, paid to the IRS. However, if you need to withdraw the money, as a result of the tax deferment on interest, the penalty isn’t significant. If your employer is also matching your funds, then the penalty is negligible.

The maximum current amount that can be invested each year is $15,000, as stated by the IRS. However, that number changes pretty regularly so check with your employer to figure out what the exact numbers are. But what if you leave your job? Well, it doesn’t really matter. You get to keep everything you’ve put in your account plus whatever portion of the money your employer has matched. And there are no penalt...

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