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Methuen Financial Planners

Methuen financial planners are an excellent resource for Massachusetts residents want to achieve a secure financial future. One of the most important issues with which Methuen personal finance planners can assist is retirement. All Methuen residents need to think about retirement planning, particularly as social security provides and increasingly small portion of what most people need to live comfortably after they stop working. If you are unsure how much you need to save for retirement or even if you don't know where to begin, a Methuen financial planner can offer the advice you need to feel confident about your Massachusetts financial planning.

Starting Your Retirement Planning

One of the best things you can do to start your retirement planning is assess your debt situation. If you have monthly payments on your car, home improvements for your MA house or credit cards, you are likely unable to get the most out of your retirement savings since part of that savings must go toward interest. A Methuen financial planner can develop a budget for you that allows you to quickly pay off your debts so you can focus on contributing to your retirement. The earlier you take debt out of your savings equation, the sooner you can start making interest work for your, rather than against you.

The next step toward your retirement plan is opening a 401k account or IRA. Both of these accounts are tax-deferred, so your contributions can grow tax-free until you begin making withdrawals during retirement. If you qualify, you might benefit from having your contributions taxed as you make contributions. A Roth IRA allows you to do this. Your Methuen financial planner can explain that advantages of traditional and Roth IRAs so you can choose the account that best suits your needs. As of 2012, you can contribute up to $17,000 a year to your 401k and up to $5,000 to your IRA. Although not all MA employers offer 401k, you can have both an IRA and 401k at the same time.

Once you are debt-free and have established consistent contributions to your basic retirement accounts, you can start thinking about an investment portfolio, which can be an important part of your retirement plan. Methuen financial planners, with the help of financial planning software, can recommend a mix of investments that best fits your age, income and long-term goals. These investments can include common and preferred stock on the assertive side, with bonds, Treasury bills and other low-risk securities on the conservative side. As you near retirement, your investments will become more conservative and more liquid as you prepare to make withdrawals.

Retirement Planning Late in Life

Methuen financial planners can help Massachusetts residents plan for retirement even if they are getting a late start. Personal finance planners can also give you an honest assessment of how you might need to modify your retirement plans. For example, you might need to delay retirement for a few years or work part-time until you have built your savings. One of the most important things to remember if you are in your 40s, 50s or even 60s without a retirement plan is that you can always seek assistance from certified financial planners. You may have to adjust your expectations, but you will have a much better chance of enjoying retirement if you develop a solid plan with a professional Methuen advisor.

One advantage of being an older investor that the tax benefits on your retirement accounts increase. Once you reach age 50, you can contribute extra funds to your 401k and IRA account. You can contribute an additional $5,500 a year to your 401k and an extra $1,000 to your IRA. Ask your Methuen financial planner about how these catch-up funds can benefit you and what other tax benefits you might qualify for as you near retirement age. Local financial planners familiar with the Massachusetts are might also have recommendations for late retirement plans available through Methuen banks or financial institutions.

Look to your Methuen financial planner when considering any local investment or opportunity that looks too good to be true. It might be tempting to consider high-risk opportunities that have the potential to offer a high yield, but any promise of solving financial problems quickly can be a recipe for quickly losing the savings you have. Certified personal finance planners have the industry knowledge and resources to determine whether an opportunity is a good investment for you.

Methuen financial planners can help MA residents build confidence in the decisions they make regarding their personal finances and address issues that are important to you, whether you are just opening a 401k account through your local Methuen bank or you are looking to retire in the next decade. Researching planners online can help you find the perfect planner for you in the Methuen area.

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Financial Planners in Methuen

Joseph Skees, CFP, Managing Partner
Joseph Skees, CFP, Managing Partner
767 Islington Street
Unit 1D
Portsmouth, NH 03801

Fredric Weldon, CFA
Fredric Weldon, CFA
550 Cochituate Road
East Wing, Floor 4, Suite 25
Framingham, MA 01701

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