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Retirement Planning Services Jonesborough 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 Jonesborough, TN listed below that can explain more and even get you started on your retirement savings.

Mr. Guy G Lillycrop, CFP®
812 E Jackson Blvd
Jonesborough, TN
Firm
Crossbridge Wealth Management
Areas of Specialization
Banking, Budget Development, Comprehensive Financial Planning, Debt Management, Education Planning, Estate Planning, General Financial Planning

Data Provided By:
Ms. Myra A. O'Dell, CFP®
(423) 283-9821
801C Sunset Dr Ste 100
Johnson City, TN
Firm
BCS Wealth Management, LLC
Areas of Specialization
Investment Management, Investment Planning, Retirement Planning, Wealth Management, Young Professionals

Data Provided By:
Mrs. Judith C. Camak, CFP®
(423) 794-3197
1319 Sunset Dr Ste 201
Johnson City, TN
Firm
Stifel Nicolaus

Data Provided By:
Mr. Bryan Hawk, CFP®
(423) 929-9093
135 Marketplace Dr Ste 107
Johnson City, TN
Firm
Edward Jones
Areas of Specialization
Comprehensive Financial Planning, Investment Planning, Retirement Income Management, Retirement Planning

Data Provided By:
Mr. Richard M. Haney, CFP®
(423) 926-5943
612 Lyle St
Johnson City, TN
Firm
Edward Jones

Data Provided By:
Mr. James L. Motte, CFP®
(423) 283-9821
801C Sunset Dr Ste 100
Johnson City, TN
Firm
BCS Wealth Management
Areas of Specialization
Asset Allocation, Investment Management, Investment Planning, Retirement Planning

Data Provided By:
Mr. William Arthur Wiley Iii, CFP®
(423) 612-1119
521 Ravenwood Dr.
Johnson City, TN
Firm
William A. Wiley III, CFP
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, General Financial Planning, Investment Management, Investment Planning, Planning for Couples, Retirement Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Business Executives

Data Provided By:
Mr. Craig L. Torbett, CFP®
(423) 283-9660
208 Sunset Dr
Johnson City, TN
Firm
Ameriprise Financial Services
Areas of Specialization
Charitable Giving, Divorce Issues, Employee and Employer Plan Benefits, Estate Planning, Retirement Income Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Medical/Dental Professionals

Data Provided By:
Mr. Shawn E. Weems, CFP®
(423) 232-0280
862 Med Tech Pkwy Ste 205
Johnson City, TN
Firm
The Trust Company
Areas of Specialization
Comprehensive Financial Planning, Employee and Employer Plan Benefits, Retirement Income Management, Retirement Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Not Applicable

Data Provided By:
Mr. Gregory G. Schuette Sr., CFP®
(423) 794-3187
1319 Sunset Dr Ste 201
Johnson City, TN
Firm
Stifel, Nicolaus & Company Inc.

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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