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Retirement Planning Services Raeford NC

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

Thomas Velevis
H.S. Dreher Capital Management, LLC
(910) 692-4330
275 SE Broad Street
Southern Pines, NC
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®

Mr. William J. Perry Iii, CFP®
(910) 860-7900
1995 Skibo Road
Fayetteville, NC
Firm
First Command Financial Services, Inc.
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Government Employees

Data Provided By:
Kristin Mccarthy, CFP®
(910) 481-8590
2153 Valleygate Dr Ste 201
Fayetteville, NC
Firm
Morgan Stanley Wealth Management
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning, Estate Planning

Data Provided By:
Mr. Daniel C. Griffin, CFP®
(910) 307-9102
PO Box 789
Fayetteville, NC
Firm
First Citizens Investor Services
Areas of Specialization
Asset Allocation, Estate Planning, General Financial Planning, Insurance Planning, Investment Management, Investment Planning, Long-Term Care

Data Provided By:
Mr. Terry L. Owens, CFP®
(910) 692-0957
515C Midland Road
Southern Pines, NC
Firm
Owens & Associates

Data Provided By:
Henry Dreher
H.S. Dreher Capital Management, LLC
(910) 692-4330
275 SE Broad Street
Southern Pines, NC
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, MBA

Isaac R Allen, CFP®
(910) 867-8464
4200 Morganton Rd
Fayetteville, NC
Firm
Stalwart Financial Planning
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Estate Planning, Investment Management, Retirement Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Self-Employed Business Owners

Data Provided By:
Denise S Lynch, CFP®
(910) 483-6181
2153 Valleygate Dr
Fayetteville, NC
Firm
Morgan Stanley Smith Barney
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning, Employee and Employer Plan Benefits

Data Provided By:
Mr. Brady M Smith, CFP®
(910) 246-1400
780 NW Broad St, Ste 500
Southern Pines, NC
Firm
Tax-Deferred Retirement Planners
Areas of Specialization
Asset Allocation, Budget Development, Charitable Giving, Debt Management, Estate Planning, General Financial Planning, Insurance Planning

Data Provided By:
Mrs. Taylor G. Clement, CFP®
(910) 693-0032
135 W. Connecticut Ave
Southern Pines, NC
Firm
Clement Capital Group

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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