NETWORK WITH US

Retirement Planning Services Hopkinsville KY

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

US Bank - Hopkinsville Office
(270) 886-3341
1101 S Main St
Hopkinsville, KY
Drive Up Hours
Mon 08:30 am to 04:00 pm
Tue 08:30 am to 04:00 pm
Wed 08:30 am to 04:00 pm
Thur 08:30 am to 04:00 pm
Fri 08:30 am to 06:00 pm

US Bank - Hopkinsville Fort Campbell Office
(270) 885-5101
4159 Fort Campbell Blvd
Hopkinsville, KY
Drive Up Hours
Mon 08:30 am to 04:00 pm
Tue 08:30 am to 04:00 pm
Wed 08:30 am to 04:00 pm
Thur 08:30 am to 04:00 pm
Fri 08:30 am to 06:00 pm
Sat 09:00 am to 12:00 pm

Bank of America
(931) 431-4280
201 Bastogne Ave
Fort Campbell, KY
Type
Banking Center

Melody Townsend
Townsend Financial Planning
(859) 299-2020
2716 Old Rosebud Road, Suite 180
Lexington, KY
Expertises
Hourly Financial Planning Services, Ongoing Investment Management, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues, Cash Flow/Budgets/Credit Issues, Insurance Related Issues, including Annuities
Certifications
NAPFA Registered Financial Advisor, CFP®

Melody Townsend
Townsend Financial Planning
(859) 498-2020
124 N. Maysville Street, Suite B
Mount Sterling, KY
Expertises
Hourly Financial Planning Services, Ongoing Investment Management, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues, Cash Flow/Budgets/Credit Issues, Insurance Related Issues, including Annuities
Certifications
NAPFA Registered Financial Advisor, CFP®

US Bank - West End Office
(270) 887-5550
1110 W 7th St
Hopkinsville, KY
Drive Up Hours
Mon 08:30 am to 04:00 pm
Tue 08:30 am to 04:00 pm
Wed 08:30 am to 04:00 pm
Thur 08:30 am to 04:00 pm
Fri 08:30 am to 06:00 pm
Sat 08:30 am to 12:00 pm

US Bank - Lafayette Road Branch Office
(270) 885-1131
3213 Lafayette Rd
Hopkinsville, KY
Drive Up Hours
Mon 08:30 am to 04:00 pm
Tue 08:30 am to 04:00 pm
Wed 08:30 am to 04:00 pm
Thur 08:30 am to 04:00 pm
Fri 08:30 am to 06:00 pm

W. Michael Cooper
Cooper Management Service, Inc.
(859) 259-0063
106 W. Vine Street. Ste 700
Lexington, KY
Expertises
High Net Worth Client Needs, Planning Issues for Business Owners, Estate & Generational Planning Issues, Ongoing Investment Management, Retirement Plan Investment Advice, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, CFS

Jerome Zimmerer
D. Scott Neal, Inc.
(800) 344-9098
PO Box 2010
Lexington, KY
Expertises
Ongoing Investment Management, Investment Advice without Ongoing Management, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, CPA/PFS

Ralph Scearce
Cambridge Financial
(859) 269-3104
1089 Chinoe Road
Lexington, KY
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Middle Income Client Needs, Tax Planning
Certifications
NAPFA Registered Financial Advisor, BS, 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...

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

©2010 Gradspot LLC