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Retirement Planning Services Conway SC

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

Joe Taylor
Oak Street Advisors
(843) 946-9868
1335 44th Avenue N, Suite 203
Myrtle Beach, SC
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor

Mr. James B. Thompkins, CFP®
(843) 248-0004
702 B Main Street
Conway, SC
Firm
Edward D Jones & Company
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided By:
Nadejda Kostova, CFP®
(843) 293-3463
4871 Socastee Blvd Unit C
Myrtle Beach, SC
Firm
Edward Jones
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Debt Management, Divorce Issues

Data Provided By:
Mr. Barry S. Capps, CFP®
(843) 444-0306
2411 N Oak St
Myrtle Beach, SC
Firm
Ameriprise Financial Services

Data Provided By:
Aubrey J. Gore (RFC®), CSA
(843) 650-4044
100 Sutter Drive, Ste. 301
Surfside Beach, SC
Company
Buddy Gore & Associates
Qualifications
Education: BS
Years of Experience: 37
Membership
IARFC
Services
Invoice, Estate Planning, Retirement Planning, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Education Plan, Asset Protection

Data Provided By:
Mr. Randy L. Alford, CFP®
(843) 248-0070
1013 3rd Ave
Conway, SC
Firm
R L Alford & Co Inc
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Not Applicable

Data Provided By:
Mr. Ellison M. Smith Iii, CFP®
(843) 385-0168
1200 Main Street
Conway, SC
Firm
Crescent Wealth Advisory, LLC
Areas of Specialization
Accounting, Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Divorce Issues, Education Planning, Estate Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable



Data Provided By:
Mr. David Cameron Monckton, CFP®
(800) 948-2706
1300 Professional Dr Ste 202
Myrtle Beach, SC
Firm
Carolinas Wealth Management
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: Not Applicable

Profession: Not Applicable

Data Provided By:
Mr. David G Wurster, CFP®
(843) 712-2752
1200 48th Ave N Unit 102
Myrtle Beach, SC
Firm
Palmetto Coast Capital, LLC
Areas of Specialization
Comprehensive Financial Planning, Insurance Planning, Investment Management, Wealth Management
Key Considerations
Average Net Worth: $250,001 - $500,000

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



Data Provided By:
Mr. Michal Kovac, CFP®
(843) 918-7607
2619 N Oak St Fl 3
Myrtle Beach, SC
Firm
Scott & Stringfellow
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Education Planning, Investment Management, Investment Planning, Life Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Business Executives

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...

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