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Retirement Planning Services Miamisburg OH

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

Tyrone Phillippi
LifePlan Financial Group, Inc.
(937) 438-8000
10050 Innovation Drive
Dayton, OH
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Advising Employee Benefit Plan Participants, Financial Issues Between Generations, Retirement Planning & Distribution Rules, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®, CSA

Douglas Kinsey
Artifex Financial Group, LLC
(937) 660-8311
2305 Far Hills Avenue
Oakwood, OH
Expertises
Retirement Plan Investment Advice, Ongoing Investment Management, Tax Planning, Insurance Related Issues, including Annuities, Advising Employee Benefit Plan Participants
Certifications
NAPFA Registered Financial Advisor, AIF, AIFA, CDFA, CFP®

Mr. Gregory D. Cook, CFP®
10050 Innovation Dr Ste 310
Miamisburg, OH
Firm
Ameriprise Financial Services,
Areas of Specialization
Charitable Giving, Comprehensive Financial Planning, Estate Planning, Investment Management, Retirement Planning
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Not Applicable

Data Provided By:
Mr. Kevin A. Bressler, CFP®
(937) 312-8008
10050 Innovation Dr Ste 310
Miamisburg, OH
Firm
Ameriprise Financial Services,
Areas of Specialization
Education Planning, Insurance Planning, Retirement Planning, Wealth Management

Data Provided By:
Mr. Nicholas M Stebner, CFP®
(937) 449-0353
10050 Innovation Dr Ste 140
Miamisburg, OH
Firm
LifePlan Financial Group, Inc.
Areas of Specialization
Asset Allocation, Education Planning, General Financial Planning, Investment Management, Life Planning, Life Transitions, Retirement Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided By:
Dan Hypes
LifePlan Financial Group, Inc.
(937) 438-8000
10050 Innovation Drive
Dayton, OH
Expertises
Helping Clients Identify & Achieve Goals, Financial Issues Between Generations, Women's Financial Planning Issues, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®

Allen Osgood
Financial Freedom, LLC
(937) 458-3661
2661 Commons Boulevard
Beavercreek, OH
Expertises
Ongoing Investment Management, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues, Helping Clients Identify & Achieve Goals, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Neerja J. Chaudhry, CFP®
(937) 853-2610
3045 Newmark Dr
Miamisburg, OH
Firm
Ameriprise Financial

Data Provided By:
Mr. Scott A. Akers, CFP®
(937) 312-8006
3045 Newmark Dr
Miamisburg, OH
Firm
Ameriprise Financial Services,

Data Provided By:
Miss Melissa L. Gossard, CFP®
(937) 435-2742
1120 Kercher St
Miamisburg, OH
Firm
Buckingham Financial Group
Areas of Specialization
Accounting, Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Education Planning, Elder Care, Estate Planning

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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