Withdrawing Money from Retirement Accounts Bakersfield CA

These are good generalities however you need to evaluate your specific situation and circumstance to come up with a plan that works for you. The reality is that everyone’s retirement goals in Bakersfield are different and should be planned based on specific needs, not general rules of thumb. Following are some things to consider when building your own retirement plan.

Mr. Peter H. Hunt, CFP®
(661) 327-8560
PO Box 10959
Bakersfield, CA
Firm
Wells Fargo Advisors
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, Investment Management, Investment Planning

Data Provided by:
Mr. Carl A. Engele, CFP®
(661) 397-9074
110 S Montclair St Ste 106
Bakersfield, CA
Firm
OneAmerica Securities

Data Provided by:
Mr. Blake Goehring, CFP®
(661) 326-7707
5080 California Ave Ste. #102
Bakersfield, CA
Firm
Merrill Lynch

Data Provided by:
Mr. V. Mon Bertolucci, CFP®
(661) 322-3504
5401 Business Park South
Bakersfield, CA

Data Provided by:
Mr. William R. Ramsey, CFP®
(661) 283-1361
5812 Calico Cove Ct.
Bakersfield, CA
Firm
William R. Ramsey CPA CFP
Areas of Specialization
Accounting, Budget Development, General Financial Planning, Investment Planning, Retirement Planning, Tax Preparation
Key Considerations
Average Net Worth: $100,000 or less

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

Profession: Government Employees

Data Provided by:
Mr. Steven Michael Bowles, CFP®
(661) 835-8189
200 New Stine Rd
Bakersfield, CA
Firm
Bowles Financial & Ins. Group, Inc.
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Retirement Income Management, Retirement 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:
Laurence Edward Menna, CFP®
(661) 837-8500
1601 New Stine Rd Ste 180
Bakersfield, CA
Firm
Menna Capital Management, LLC
Areas of Specialization
Comprehensive Financial Planning, Investment Management, Retirement Income Management, Retirement Planning, Wealth Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Jeffrey R Bell, CFP®
(661) 322-2033
1100 Mohawk St, STE 180
Bakersfield, CA
Firm
Edward Jones

Data Provided by:
Mr. Steven A. Barnes, CFP®
(661) 322-9799
5060 California Ave Ste 1020
Bakersfield, CA
Firm
Barnes Wealth Management Group
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Elder Care, Estate Planning, Investment Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Rama S. Mutyala, CFP®
(661) 368-0961
11311 Crabbet Park Dr
Bakersfield, CA
Firm
MassMutual Financial Group
Areas of Specialization
Comprehensive Financial Planning, Education Planning, Estate Planning, Investment Management, Retirement Planning, Risk Management, Tax Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Medical/Dental Professionals

Data Provided by:
Data Provided by:

Withdrawing Money from Retirement Accounts

There are many rules of thumb about how much money you should withdraw from your retirement accounts every year. One of the more popular ones is that you should withdraw 4 percent of your retirement funds each year. Another one is you will need approximately 70 to 80 percent of your last year’s working income to carry you through retirement.

These are good generalities however you need to evaluate your specific situation and circumstance to come up with a plan that works for you. The reality is that everyone’s retirement goals are different and should be planned based on specific needs, not general rules of thumb. Following are some things to consider when building your own retirement plan.

Define a vision of retirement and revisit it every year: Anyone who has worked with a good investment manager or financial planner has addressed the kind of retirement they envision. Incorporating part-time work into the retirement picture might make other financial goals more affordable. A person who manages his or her finances or works with an expert needs to revisit those goals annually to assess the feasibility of affording a particular lifestyle in retirement.

Track working-life expenses for 3-6 months:
This is where that vision of retirement becomes real. Understanding what an individual spends on lattes and late-night carryout may motivate an investor to shift his behavior from spending to saving.

Create a worst-case health scenario: For many retirees, increasing healthcare expenses and the cost of end-of-life-care account for significant spending. As a result, many retirees may pay for expensive experimental treatments to fight disease or long-term assisted living or nursing home care. According to AARP, annual nursing home costs will be at more than $100,000 a year in the next two decades compared to their current annual range of $45,000-$60,000. While public aid picks up medical expenses for those who exhaust their assets in most states, most of us desire more than minimal standards of care.

Shift into a retirement investment strategy in stages:
With a clear majority of investors having inadequate retirement funds in place near or at retirement age, it may seem silly to talk about investing post-retirement. But the younger an investor is, the more valuable the conversation. Good advisers can help build more balanced portfolios that fit the exact needs of the investor as retirement nears.

See how long you can put off taking Social Security: Even though no one will get rich off of Social Security, delaying taking those payments will result in larger payments later.

This article was produced in part by the Financial Planning Association, the membership organization for the financial planning community.

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