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Retirement Planning Services South Haven MI

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 South Haven, MI listed below that can explain more and even get you started on your retirement savings.

Mr. Ronald L. Overhiser, CFP®
(269) 637-0222
632 Phillips St
South Haven, MI
Firm
Linsco / Private Ledger

Data Provided By:
George A. Stoutin, CFP®
45 Blue Star Hwy
Douglas, MI
Firm
Edward Jones

Data Provided By:
Fifth Third Bank
(269) 427-7931
Bangor, 101 W. Monroe Street
Bangor, MI
Office Hours
M-F 9:30-5; SA 9:30-12
Drive Up Hours
M-TH 9:30-5; F 9:30-5:30; SA 9:30-12

Erik Falconer
Falconer Group
(231) 946-5320
PO Box 4318
Traverse City, MI
Expertises
Ongoing Investment Management, High Net Worth Client Needs, Charitable Giving - Trusts & Foundations, Alternative or Private Investments, Socially Responsible Investments, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFA, CFP®

Elizabeth Baer
Elizabeth Rutter Baer, CFP INC
(517) 321-4832
334 Geneva Circle
Lansing, MI
Expertises
Hourly Financial Planning Services, Investment Advice without Ongoing Management, Ongoing Investment Management, Retirement Plan Investment Advice, Helping Clients Identify & Achieve Goals, Planning Issues for Unmarried & Same-Sex Couples
Certifications
NAPFA Registered Financial Advisor, BA, CFP®

Mr. John M. Leonard, CFP®
(269) 857-2860
201 Center St
Douglas, MI
Firm
John M. Leonard, LLC
Areas of Specialization
Asset Allocation, Employee and Employer Plan Benefits, Investment Management, Investment Planning, Retirement Income Management, Retirement Planning, Securities
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided By:
Fifth Third Bank
(269) 639-2144
South Haven, 601 Phoenix Street
South Haven, MI
Office Hours
M-F 9:30-5; SA 9:30-12
Drive Up Hours
M-TH 9:30-5; F 9:30-5:30; SA 9:30-12

Fifth Third Bank
(269) 468-3982
Coloma, 6553 Paw Paw Avenue
Coloma, MI
Office Hours
M-F 9:30-5
Drive Up Hours
M-TH 9:30-5; F 9:30-5:30

Mark Folgmann
Ark Advisors LLC
(231) 668-4118
1010 S. Garfield Ave Suite 409
Traverse City, MI
Expertises
Planning Issues for Business Owners, Retirement Planning & Distribution Rules, Tax Planning, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, AIF, ChFc, CLU

Sam Fawaz
Y.D. Financial Services, Inc.
(734) 447-5305
3000 Town Center Drive, Suite 2235
Southfield, MI
Expertises
Tax Planning, Divorce Planning, Planning Issues for Business Owners, College/Education Planning, Ongoing Investment Management, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, BBA, CFP®, CPA, MST

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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