Withdrawing Money from Retirement Accounts Fresno 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 Fresno 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. Brian J. Ullmann, CFP®
(559) 449-8690
6715 N Palm Ave Ste 112
Fresno, CA
Firm
Ford Financial Group
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Education Planning, Estate Planning, General Financial Planning, Insurance Planning

Data Provided by:
Mr. Michael F. Budd, CFP®
(559) 431-5900
5250 N Palm Ave Ste 321
Fresno, CA
Firm
Morgan Stanley

Data Provided by:
Ms. Jayne M. Ferrante, CFP®
(559) 437-1818
6795 N Palm Ave Ste 108
Fresno, CA
Firm
Prosperity Planning & Management
Areas of Specialization
Comprehensive Financial Planning, Investment Management, Life Planning, Retirement Income Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Mr. Andrew O'Reilly Carrigan, CFP®
5250 N Palm Ave Ste 321
Fresno, CA
Firm
Morgan Stanley Smith Barney

Data Provided by:
Thomas B Dias, CFP®
(559) 447-8236
5250 N Palm Ave Suite 111
Fresno, CA
Firm
RBC Dain Rauscher

Data Provided by:
Mr. Robert Garabedian, CFP®
(559) 438-2553
5250 N Palm Ave Ste 321
Fresno, CA
Firm
Morgan Stanley Smith Barney
Areas of Specialization
Investment 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:
Ms. Carole R. Ford, CFP®
(559) 449-8690
6715 N Palm Ave
Fresno, CA
Firm
Ford Financial Group
Areas of Specialization
Comprehensive Financial Planning, Divorce Issues, Education Planning, Estate Planning, General Financial Planning, Insurance Planning, Intergenerational Planning

Data Provided by:
Jared V. West, CFP®
(559) 436-3324
5260 N. Palm Ave
Fresno, CA
Firm
Merrill Lynch
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. Ron J. Monis, CFP®
5250 N. Palm Avenue
Fresno, CA
Firm
Morgan Stanley

Data Provided by:
Mr. Alan Samaha, CFP®
5250 N Palm Ave Ste 321
Fresno, CA
Firm
Morgan Stanley Smith Barney
Areas of Specialization
Asset Allocation, Business Succession Planning, Disaster Recovery, Divorce Issues, Retirement Planning, Sudden Wealth Management, Wealth Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: $250,001 - $500,000

Profession: Business Executives

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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