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Retirement and 401k Planning Charleston WV

Local resource for Retirement and 401k Planning in Charleston. Includes detailed information on local businesses that provide access to retirement and 401k planning, pension resources, estate planning, as well as advice and content on local business that provide assistance with retirement and 401k planning in your area.

James Winter
Mountaineer Financial Planning, LLC
(304) 722-2065
410 6th Avenue
St. Albans, WV
Expertises
Cash Flow/Budgets/Credit Issues, Helping Clients Identify & Achieve Goals, College/Education Planning, Middle Income Client Needs, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS, MBA

Mr. James M. O'Connor, CFP®
(304) 347-2519
500 Lee St E Ste 1100
Charleston, WV
Firm
Merrill Lynch
Areas of Specialization
Estate Planning, Insurance Planning, Long-Term Care, Mortgages, Retirement Planning, Wealth Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Self-Employed Business Owners

Data Provided By:
Mr. Blaise M. Robeson, CFP®
(304) 348-5097
900 Lee St E Fl 3
Charleston, WV
Firm
Huntington Investment Company

Data Provided By:
David Keith Sowards Jr., CFP®
(304) 353-9046
500 Lee St E Ste 300
Charleston, WV
Firm
Morgan Stanley Smith Barney
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Service Professionals

Data Provided By:
Mr. Alan M. Moore, CFP®
(304) 348-7081
300 Summers St., 3rd floor
Charleston, WV
Firm
BB&T

Data Provided By:
Mr. David S. Long Jr., CFP®
(304) 353-9029
P.O. Box 671
Charleston, WV
Firm
Morgan Stanley Smith Barney
Areas of Specialization
Securities
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Not Applicable

Data Provided By:
Mr. Casey J. Robinson, CFP®
(304) 353-3050
500 Lee St E Ste 300
Charleston, WV
Firm
Morgan Stanley Smith Barney

Data Provided By:
Mr. Christopher Heller, CFP®
(304) 353-9035
500 Lee St E Ste 300
Charleston, WV
Firm
Morgan Stanley Smith Barney
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning, Life 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. James M. Witt, CFP®
(304) 346-0441
PO Box 2629
Charleston, WV
Firm
Arnett & Foster
Areas of Specialization
Accounting, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning, Insurance Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Self-Employed Business Owners

Data Provided By:
Ms. Mary Jane Kendall, CFP®
(304) 720-7625
12 Kenton Drive
Charleston, WV
Firm
Ameriprise Financial Services,

Data Provided By:
Data Provided By:

How the Self-Employed Can Optimize Retirement Savings with an Individual 401(k)

December 1, 2006

(December 2006; October 2008) Tax law changes enable self-employed owners to use 401(k) plans for their own benefit.

 
I interviewed Eric Kuniholm, a senior financial advisor at Beacon Capital Management Advisors and author of Individual401k.com , who notes that individual 401(k) plans are underutilized. Many accountants and other financial advisors are still recommending SEPs or other plans, when the individual 401(k) would allow them a greater tax deduction. Here are some key points to note.
 
Savings opportunity
A self-employed owner has a number of retirement plan options, including a SIMPLE plan, SEP, profit-sharing, and/or a defined benefit plan. Each option has its advantages and disadvantages. One plan option offers significant savings opportunities with minimal administrative complexity: the individual 401(k) plan (also called the solo 401(k) and self-employed 401(k)).
 
For 2008, the maximum savings through this plan is $46,000, or $51,000 if at least 50 years old by December 31. For 2009, the maximum savings be adjusted for inflation. The contributions are comprised of so-called employee elective amounts, plus so-called employer contributions (even though a self-employed person is neither an employee nor an employer of him- or herself).
 
A self-employed owner can add a Roth 401(k) feature to the plan. This transforms the elective deferral portion (or any part of it as the owner elects) into after-tax contributions (no current income deferral for this part of contribution). However, contributions plus earnings grow to become tax free as long as they are not withdrawn before five years in the plan and after the owner attains age 59-1/2 or becomes disabled. Unlike the Roth IRA, which has income limits on who can contribute, there are no income limits to making Roth 401(k) contributions.
 
Other benefits to this plan
The plan can permit loans to the owner within the limits of the law. This means an owner can borrow from his or her own account up to 50% of the value, with a maximum loan of $50,000. This money can be used to cover a business' cash flow crush or for any other purpose.
 
Those who have other types of retirement plans can consolidate assets into the 401(k). This is done by means of a rollover to the plan. This way it's easier to make investment decisions. Also, consolidating assets may ease the administrative burden in some cases and increase the amount available for borrowing.
 
Caution: Before terminating any other plans and rolling over assets to the 401(k), discuss the situation with a knowledgeable benefits person.
 
Procedure
The plan must be set up no later than the last day of the year in order to make tax-deductible contributions for the year. So, December 31, 2008, is the last day for most small businesses to set up 2008 plans. This is done by signing the paperwork to establish the plan. No contributions are required at thi...

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