NETWORK WITH US

Retirement Planning Services Bristol TN

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 Bristol, TN listed below that can explain more and even get you started on your retirement savings.

Mr. Dirk E. Crandell, CFP®
(276) 676-1810
68 Tulip Grove Cir Apt 4
Bristol, TN
Firm
Crandell Financial Planning LL

Data Provided By:
Mr. Douglas J Harmon, CFP®
(423) 914-2677
100 5th St Ste 340
Bristol, TN
Firm
LPL Financial
Areas of Specialization
Accounting, Comprehensive Financial Planning, Estate Planning, Investment Management, Retirement Income Management, Retirement Planning, Tax Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided By:
Mr. Thomas E. Watson, CFP®
(423) 282-6071
6 Summerfield Cir
Piney Flats, TN
Firm
Sole Proprietor

Data Provided By:
Mr. Gary D. Lester, CFP®
(276) 628-9181
340 W Main St
Abingdon, VA
Firm
Highlands Union Financial Services
Areas of Specialization
Asset Allocation, Banking, Comprehensive Financial Planning, Education Planning, Elder Care, Employee and Employer Plan Benefits, Estate Planning

Data Provided By:
David T. Jones, CFP®
(276) 628-5910
955 West Main St
Abingdon, VA
Firm
Lopez Wealth Management, LLC
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, General Financial Planning, Insurance Planning, Investment Management, Long-Term Care

Data Provided By:
Phillip R. Rust (RFC®), CHFC, CLU, LUTCF
(423) 789-2000
1241 Volunteer Parkway, Suite 424
Bristol, TN
Company
SecureMoneyMasters, Inc.
Qualifications
Education: Business and Finance
Years of Experience: 23
Membership
IARFC, MDRT, SCSA, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided By:
Mr. Charles W. Carr, CFP®
(423) 279-9710
3146 Hwy 126
Blountville, TN
Firm
ING Financial Partners
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning, Investment Management

Data Provided By:
Mr. C. Dean Johnson, CFP®
(423) 538-9696
5813 Highway 11 E
Piney Flats, TN
Firm
TrustFirst Financial
Areas of Specialization
Accounting, Asset Allocation, Comprehensive Financial Planning, Education Planning, Elder Care, Estate Planning, General Financial Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided By:
Mr. Robert C. Walters, CFP®
(276) 628-2814
330 A Cummings Street
Abingdon, VA
Firm
Cary Street Partners
Areas of Specialization
Wealth Management

Data Provided By:
Mr. J. Wade Lopez, CFP®
(276) 628-5910
955 W Main St
Abingdon, VA
Firm
Lopez Wealth Management, LLC

Data Provided By:
Data Provided By:

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...

Click here to read the rest of this article from Gradspot.com

©2010 Gradspot LLC