Retirement Planning Services Williston ND

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

Ms. Beth M. Skedsvold, CFP®
(701) 577-4697
1135 2nd Ave W
Williston, ND
Ameriprise Financial
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Self-Employed Business Owners

Data Provided By:
US Bank - Williston Office
(701) 572-3744
202 Main St
Williston, ND
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
Sat 09:30 am to 11:30 am

Mr. Thomas M. Schuster, CFP®
(701) 454-3317
3265 Desert Star Ln
Grand Forks, ND

Data Provided By:
Julie N. Graney, CFP®
(701) 873-4565
512 W Main St
Beulah, ND
Investment Centers of America
Areas of Specialization
Asset Allocation, Banking, Comprehensive Financial Planning, Debt Management, Education Planning, Estate Planning, General Financial Planning

Data Provided By:
Mr. Lynn R. Waddell, CFP®
(701) 824-2413
PO Box 99
Mott, ND
Investment Centers of America

Data Provided By:
Mr. Douglas W. Crosby, CFP®
(701) 774-0653
PO Box 2538
Williston, ND
Investment & Retirement Advisors, Inc.
Areas of Specialization
Estate Planning, General Financial Planning, Insurance Planning, Investment Planning

Data Provided By:
Mr. David G. Rothchild, CFP®
(701) 839-4288
6 First St SW
Minot, ND
Rothchild Investment Services

Data Provided By:
Mr. Bradley J. Bergdahl, CFP®
(701) 968-4000
408 Main St
Cando, ND
Premier Wealth Management Grou

Data Provided By:
Mr. Carter J. Johnsen, CFP®
(701) 746-1365
2617 South Columbia Road
Grand Forks, ND
Stifel Nicolaus
Areas of Specialization
Investment Planning

Data Provided By:
Mr. Charles J. Conrick Iv, CFP®
(701) 483-2106
291 Campus Drive
Dickinson, ND
Dickinson State University

Data Provided By:
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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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