You know planning for you retirement is important yet most of us still put it off or don’t put as much effort into as we should. A Transamerica survey showed that out of 4,000 US workers a little over half thought they would have enough to comfortably retire even though most of them were just guessing how much they should save. The survey also showed that only 14% have an actual plan written out and 44% have no plan at all. One person who can help make sure you retirement years are secure is a retirement planner and there are a few ways you can find one here in Albuquerque.
There are a few areas that you need to cover during your retirement planning and the Certified Financial Planner Board of Standards recommends estate planning, health care, long-term care options, and income once you retire as key topics you should plan for during retirement.
Your income once you retire can be affected by a few different factors and it’s important that you know how to increase your income so you can take care of your day to day expenses. For most, Social Security benefits will play a big role in their income and once you turn 66 you can start collecting. What many don’t know is that if you delay your payments you can collect even more money. At age 67 you could get 108% of your benefits and by age 70 you could reach the maximum of 132%.
Another factor in your income is the order in which you use the money you have saved up. If you have various accounts like savings or retirement funds it matters when you withdraw money from these accounts because it could affect your taxes and end up saving you money. By working with a financial planner, they can look at your accounts and you can create a plan that allows you to use them in the right order.
Finally, your retirement age will impact your income and it is a different situation for each person. There are some people who will be able to retire right away at 65 and there are others who will find it’s better to wait a few years before retiring. A growing number of seniors are finding it’s better to continue working even after they have retired from their full-time job. In New Mexico, 5% of the working population is 65 and older.
You want to find a good Certified Financial Planner that specializes in retirement services and there are plenty here in Albuquerque. You should talk to friends and coworkers and see if they have any suggestions on who you can use. You can also talk with your boss to see if they have retirement planning services as well as use a few online resources.
The CFP Board of Standards has a search tool and after you enter your location you can refine your search to retirement services.
The National Association of Personal Financial Advisors also has a search function for their network of financial planners. Again, make sure you refine your search to include only retirement planners.
The Better Business Bureau of Albuquerque allows you to not only search the dozens of agencies in the area but also read user reviews so you can get a better feel for each company.
Senior Citizens Law Office located in Albuquerque offers free services to seniors who are 60 years and older as well as meet other requirements. These services include financial well-being counseling services that can include topics such as:
Social Security Identity theft prevention Supplemental Security Income Other benefits programs
The Financial Planning Association also offers some educational tools for retirement planning online. You can read all articles as well as find planners in your area.
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