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Retirement Planning Services Hurricane WV

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

James Winter
Mountaineer Financial Planning, LLC
(304) 722-2065
410 6th Avenue
St. Albans, WV
Expertises
Cash Flow/Budgets/Credit Issues, Helping Clients Identify & Achieve Goals, College/Education Planning, Middle Income Client Needs, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS, MBA

Vimal Chaudhari, MS
9 Greenbrier Avenue
Hurricane, WV
Company
Title: Investment Advisor Representative
Company: Retirement Solutions
Type
Investment Advisor Rep: Yes
Education
Marshall University/MS 1994
Service
Long-Term Health Care Planning,Planning For Personal Finances & Budgeting,Asset Protection Strategies & Planning,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Life Insurance,Investment & Portfolio Management,Annuity Ideas & Strategy Planning,Retirement Income Accumulation Planning,Fee-Only Comprehensive Financial Planning,401k Rollover From Employer,CD Alternative,Health Care Insurance,Retirement Planning,Investment Consulting & Allocation Design,Retirement Income Distribution Planning,H

Data Provided By:
Mr. Matthew T. Young, CFP®
(304) 760-8715
97 Chase Dr
Hurricane, WV
Firm
Horizon Financial Solutions
Areas of Specialization
Asset Allocation, Budget Development, Comprehensive Financial Planning, Debt Management, Education Planning, Employee and Employer Plan Benefits, Estate Planning

Data Provided By:
Mr. Whitney P Stricklin, CFP®
(304) 397-6517
3466 Teays Valley Rd
Hurricane, WV
Firm
JeffersonWhitney
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Debt Management, Education Planning, Elder Care, Employee and Employer Plan Benefits

Data Provided By:
Mr. Jerry W. Hanwell, CFP®
(304) 727-1120
839 Observatory Dr
Saint Albans, WV
Firm
JERRY W HANWELL, CPA,CFP
Areas of Specialization
Estate Planning, Retirement Planning, Tax Planning, Tax Preparation

Data Provided By:
Mr. P. Sean Mayberry, CFP®
(304) 757-8131
3981 Teays Valley Rd
Hurricane, WV
Firm
Lanham O'Dell & Company Inc

Data Provided By:
Christopher E. Ashworth, CFP®
(304) 760-6000
18 Chase Dr
Hurricane, WV
Firm
Ironwood Wealth Management
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Divorce Issues, Education Planning, Estate Planning, General Financial Planning, Healthcare Planning
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Not Applicable

Data Provided By:
Mr. John D. Williams, CFP®
(304) 760-6000
18 Chase Drive
Hurricane, WV
Firm
Ironwood Wealth Management
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Divorce Issues, Education Planning, Employee and Employer Plan Benefits, Estate Planning, Investment Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000



Data Provided By:
Mr. James A. Winter, CFP®
(304) 722-2065
410 6th Avenue
Saint Albans, WV
Firm
Mountaineer Financial Planning
Areas of Specialization
Asset Allocation, Budget Development, Comprehensive Financial Planning, Debt Management, Education Planning, General Financial Planning, Investment Planning

Data Provided By:
Mr. James G. Carrier (RFC®), CSA
(304) 204-2552
5098 West Washington Street, Suite 408
Charleston, WV
Company
Focus Financial Investment Group, LLC
Qualifications
Years of Experience: 29
Membership
IARFC, MDRT
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Executive Compensation Planning, Retirement Planning, Medicaid 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, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell, LiabCover, Compensation Plans

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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