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Retirement Planning Services Lewiston ID

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

Mr. Michael D. Holder, CFP®
(208) 746-9144
504 Main St
Lewiston, ID
Firm
Holder Financial Services
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Insurance Planning, Investment Management, Long-Term Care
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided By:
Ms. Molly Lyon Steele, CFP®
(208) 746-4242
PO Box 1487
Lewiston, ID
Firm
Ameriprise Financial Services,
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Divorce Issues, Education Planning, Employee and Employer Plan Benefits, Estate Planning, Investment Planning
Key Considerations
Average Net Worth: Not Applicable

Profession: Not Applicable

Data Provided By:
US Bank - Orchards Office
(208) 743-1897
1900 19th Ave
Lewiston, ID
Languages
Spanish
Drive Up Hours
Mon 08:30 am to 06:00 pm
Tue 08:30 am to 06:00 pm
Wed 08:30 am to 06:00 pm
Thur 08:30 am to 06:00 pm
Fri 08:30 am to 06:00 pm
Sat 09:00 am to 03:00 pm

Wells Fargo - Lewiston
(208) 799-6235
868 Main St
Lewiston, ID
Type
Branch
Office Hours
Mon-Thu 09:00 AM-05:30 PM
Fri 09:00 AM-06:00 PM
Sat 09:30 AM-03:00 PM
Sun Closed

Bank of America - Clarkston
(509) 758-5544
748 6th St
Clarkston, WA
Type
Banking Center
Services
Banking Center Services: Change Order, Commercial Deposits, Night Deposits, Drive Up
Indoor ATM Services: Open 24 Hours, Braille, Accepts Deposits
Languages
English, Spanish, Chinese, Korean, French, Russian, Portuguese
Office Hours
Monday 9-5
Tuesday 9-5
Wednesday 9-5
Thursday 9-5
Friday 9-6
Saturday Closed
Sunday Closed
Drive Up Hours
Monday 9-5
Tuesday 9-5
Wednesday 9-5
Thursday 9-5
Friday 9-6
Saturday Closed
Sunday Closed

David L. Crawford, CFP®
(208) 743-6716
3640 Country Club Ct
Lewiston, ID
Firm
Crawford Financial
Areas of Specialization
Comprehensive Financial Planning, Divorce Issues, Education Planning, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning, Insurance Planning

Data Provided By:
US Bank - Lewiston Office
(208) 799-2500
835 Main St
Lewiston, ID
Drive Up Hours
Mon 08:30 am to 05:30 pm
Tue 08:30 am to 05:30 pm
Wed 08:30 am to 05:30 pm
Thur 08:30 am to 05:30 pm
Fri 08:30 am to 06:00 pm

Wells Fargo - Lewiston 10Th & Thain
(208) 746-3064
303 Thain Rd
Lewiston, ID
Type
Branch
Office Hours
Mon-Thu 09:00 AM-05:30 PM
Fri 09:00 AM-06:00 PM
Sat 09:30 AM-03:00 PM
Sun Closed

US Bank - Clarkston Office
(509) 758-2584
615 6th St
Clarkston, WA
Drive Up Hours
Mon 08:30 am to 05:30 pm
Tue 08:30 am to 05:30 pm
Wed 08:30 am to 05:30 pm
Thur 08:30 am to 05:30 pm
Fri 08:30 am to 06:00 pm

Wells Fargo - Genesee
(208) 285-1632
102 E Walnut St
Genesee, ID
Type
Branch
Office Hours
Mon-Thu 10:00 AM-03:00 PM
Fri 07:00 AM-03:00 PM
Sat-Sun Closed

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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