Retirement Planning Services Pierre SD

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

Wells Fargo - Pierre
(605) 945-3000
333 E Sioux Ave
Pierre, SD
Office Hours
Mon-Fri 07:30 AM-05:30 PM
Sat 09:00 AM-01:00 PM
Sun Closed

Richard Kahler
Kahler Financial Group
(605) 343-1400
1010 9th Street, Suite 1
Rapid City, SD
Real Estate Investments, Ongoing Investment Management, Helping Clients Identify & Achieve Goals, High Net Worth Client Needs, Retirement Planning & Distribution Rules, Planning Issues for Business Owners
NAPFA Registered Financial Advisor, CFP®, ChFc, MSFP

Mr. Scott R. Dagel, CFP®
(605) 886-4059
1334 19th ST NE
Watertown, SD
Ameriprise Financial Services,

Data Provided By:
Mr. Jim L. Chesley, CFP®
(605) 665-2848
2408 Broadway Ave
Yankton, SD
Home Federal

Data Provided By:
Mrs. Kathryn M. Greeneway, CFP®
(605) 665-4940
225 Cedar St
Yankton, SD
First Dakota National Bank/Ray

Data Provided By:
US Bank - Pierre Office
(605) 945-2133
604 E Sioux Ave
Pierre, SD
Drive Up Hours
Mon 08:30 am to 05:00 pm
Tue 08:30 am to 05:00 pm
Wed 08:30 am to 05:00 pm
Thur 08:30 am to 05:00 pm
Fri 08:30 am to 05:00 pm

Mr. Stephen C. Ciofalo, CFP®
(605) 361-9998
5032 S Bur Oak Pl Ste 200
Sioux Falls, SD
Areas of Specialization
Comprehensive Financial 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. Michael Leslie Moore, CFP®
(605) 642-7736
PO Box 699
Spearfish, SD
Lantis Enterprises Inc

Data Provided By:
Joel Leyden, CFP®
(605) 842-3832
214 E 2nd St
Winner, SD
Ameriprise Financial
Areas of Specialization
Business Succession Planning, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Estate Planning, Investment Management, Retirement Income Management, Small Business Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Self-Employed Business Owners

Data Provided By:
Mr. Thietje A. Hunt, CFP®
(605) 399-2741
2040 W Main St
Rapid City, SD
Ameriprise Financial Services
Areas of Specialization
Estate Planning
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Legal Professionals

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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