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Retirement Planning Services Champlin MN

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

Jon Govin
Summit Wealth Advocates, LLC
(763) 712-5879
227 East River Parkway
Champlin, MN
Expertises
Ongoing Investment Management, College/Education Planning, Advising Employee Benefit Plan Participants, Tax Planning
Certifications
NAPFA Registered Financial Advisor, AIF, CFP®, CPA, PFS

Tiffany Brynteson
FFP Wealth Management
(763) 231-2760
11375 Robinson Drive Suite 210
Minneapolis, MN
Expertises
Ongoing Investment Management, Cash Flow/Budgets/Credit Issues, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, BS, CRPC

Dana Hornquist
Hornquist Financial
(952) 856-4896
6046 Golden Valley Rd
Golden Valley, MN
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, High Net Worth Client Needs, Advising Medical Professionals, Hourly Financial Planning Services, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, BA, CFP®

Robert Klosterman
White Oaks Wealth Advisors, Inc.
(612) 455-6900
80 South 8th Street, Suite 1725
Minneapolis, MN
Expertises
Planning Concerns for Corporate Executives, Ongoing Investment Management, Estate & Generational Planning Issues, High Net Worth Client Needs, Advising Medical Professionals, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®

Jerry Wade
Wade Financial Group Inc.
(763) 797-9577
5500 Wayzata Blvd
Minneapolis, MN
Expertises
Ongoing Investment Management, Charitable Giving - Trusts & Foundations, Helping Clients Identify & Achieve Goals, Advising Employee Benefit Plan Participants, Planning Concerns for Corporate Executives, Tax Planning
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, CFS

Gregory Zandlo
North East Asset Management
(763) 785-9541
11465 Robinson Drive NW, Suite 250
Minneapolis, MN
Expertises
Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, High Net Worth Client Needs, Ongoing Investment Management, Planning Concerns for Corporate Executives, College/Education Planning
Certifications
NAPFA Registered Financial Advisor, CFP®

Roger Kruse
FFP Wealth Management
(763) 231-2760
11375 Robinson Drive Suite 210
Minneapolis, MN
Expertises
Retirement Planning & Distribution Rules, Ongoing Investment Management, Tax Planning, Planning Issues for Business Owners, Planning Concerns for Corporate Executives, Middle Income Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc

Michael Helffrich
PFP Advisors, Inc.
(612) 789-9671
1933 Arthur Street, NE
Minneapolis, MN
Expertises
Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Tax Planning, Planning Issues for Unmarried & Same-Sex Couples, Advising Employee Benefit Plan Participants, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, M.Div., MBA

Dana Hornquist
Hornquist Financial
(952) 856-4896
100 South Fifth Street
Minneapolis, MN
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, High Net Worth Client Needs, Advising Medical Professionals, Hourly Financial Planning Services, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, BA, CFP®

Robert Smrekar
Wade Financial Group Inc.
(763) 797-9577
5500 Wayzata Blvd
Minneapolis, MN
Expertises
High Net Worth Client Needs, Planning Concerns for Corporate Executives, Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, Ongoing Investment Management, Tax Planning
Certifications
NAPFA Registered Financial Advisor, AIF, CFP®

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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