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Anaheim Retirement Planning

Do you know how much money you need to retire comfortably? Half of the 4,500 Americans surveyed by Transamerica confessed that they merely guessed how much they need with no proper calculations. A certified professional planner can take the guess of retirement planning and make sure you don’t run the risk of not having enough money. There are several financial planners in the Anaheim area to help you reach your retirement goals.

Retirement is about more than money

The Certified Financial Planner Board of Standards recommends individuals plan for additional items related to retirement including estate planning, post-retirement income, long-term health care, and health insurance. These things can ultimately affect your retirement savings if you don’t plan accordingly.

You are likely eligible for Social Security and Medicare benefits starting at ages 65 and 66 respectively. At age 66, you qualify for full Social Security benefits. However, if you choose to delay a few years, your monthly payout will increase. At 67, your payout will increase to 108 percent, and at age 70, your payout increases to 132 percent. You are also eligible for Medicare at age 65, but insurance costs will increase if you delay. A financial planner can give you the best timeframe and plan that works for your retirement goals.

A financial planner will also help you keep more of your savings by providing advice on lowering the amount of taxes withdrawn from your retirement accounts. You can save money by removing money in a certain order.

If you decide to work past age 65, you are not alone. According to the U.S. Bureau of Labor Statistics, 20 percent of Americans aged 65 and older are still working. If you do choose to work, there are some pitfalls to consider such as the impact on Social Security, required distributions, and Medicare enrollment. A retirement planning professional will help you decide if working is the best option for you and how to manage all aspects of your retirement.

How to search for the right planner

Finding Certified Financial Planners (CFPs) in the Anaheim area can be as simple as looking for recommendations from your friends, neighbors, or co-workers. You can find several websites with search functions to help you find area professionals.

Using the CFP Board of Standards database, you can start your search by entering your zip code. We recommend you find a planner that concentrates in retirement planning, which you can do by refining your search in the CFP’s specialty area. This site also lists each CFP’s compensation plan and minimum investment requirements.

You can search the Orange County of the Better Business Bureau (BBB) for accredited businesses. You can also see the rating of the planner and any reviews or complaints.

More information for California seniors

The California Department of Aging provides seniors programs and services that will help with retired life including:

Health promotion

Health insurance counseling

Legal aid

Long-term care

Employment programs

Senior information and assistance programs

To find out more, call 916.419.7500 or call Orange County office for local programs at 714.480.6450.

Learn more about Anaheim Retirement Planning here:

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