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Retirement Planning Services Mustang OK

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

Mr. John G. Gillespie (RFC®), CEP
(405) 491-0235
6632 NW 39th Exp
Bethany, OK
Company
Access Financial Group, Inc.
Qualifications
Education: Mr. Gillespie, CEP, RFC®, received his Bachelor of Science degree from Trevecca Nazarene University, in Nashville and is a Certified Estate Planner, Certified Trust Specialist and Registered Financial Consultant. AFG is guided by Mr. Gillespie’s experienc
Years of Experience: 28
Membership
IARFC, NICEP
Services
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Tax Planning, Seminars Work, Stocks and Bonds, Mutual Funds, Precious Metals, Annuities, Life Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Charitable Foundations, Asset Protection, Compensation Plans

Data Provided By:
Mr. Malachi P. Sturlin, CFP®
(405) 491-0235
6632 NW 39th Expy
Bethany, OK
Firm
Access Financial Group, Inc.
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Education Planning, Elder Care, Estate Planning, Government and Military
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided By:
Mr. Sam J. Whitehead, CFP®
(405) 942-0010
PO Box 74916
Oklahoma City, OK

Data Provided By:
Mr. James K. Baird, CFP®
(405) 418-2943
5801 NW 39th St
Warr Acres, OK
Firm
Chase Investment Services Corp

Data Provided By:
Mr. Sasan Mike Hashemi, CFP®
(405) 840-1221
2525 NW Expressway
Oklahoma City, OK
Firm
Investment Concepts
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Education Planning, Estate Planning, Insurance Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided By:
Mr. Jeffrey Gorton, CFP®
7814 S Pennsylvania Ave
Oklahoma City, OK
Firm
Gorton Financial Group

Data Provided By:
Mr. Malachi P. Sturlin (RFC®), CFP
(405) 491-0235
6632 NW 39th Exp
Bethany, OK
Company
Access Financial Group, Inc.
Qualifications
Education: Bachelor - Southeastern Oklahoma State, Associate of Arts - Rose State College, Associate of Applied Science - University of the Air Force, Certificate in Financial Planning - Oklahoma City University,
Years of Experience: 8
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Medicaid Planning, Seminars Work, Employee Benefits, Family Offices, Stocks and Bonds, Mutual Funds, Collectable Coins , Precious Metals, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, Education Plan, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided By:
Mr. Shawn D. Peschke, CFP®
9350 S Western Ave
Oklahoma City, OK
Firm
Arvest

Data Provided By:
Mr. Kyle L. Williams, CFP®
(405) 605-0224
3030 NW Expressway St
Oklahoma City, OK
Firm
Kimbler & Associates A private wealth advisory practice

Data Provided By:
Mr. David Karl Evans, CFP®
(405) 879-1117
2919 United Founders Blvd
Oklahoma City, OK
Firm
Comprehensive Finl Plng Inc

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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