Most people do not think about planning for retirement until it is too late and we are only left with Social Security benefits. Using the services of a retirement planner can help you avoid tax penalties, increase your monthly Social Security benefit, and build a retirement investment portfolio.
Social Security rules can be confusing and retirement investments can be complex. A retirement planner can explain the pros and cons of retiring at a specific age as well as increase your returns with investments and improve your portfolio. You will want to plan for life after retirement for at least 20 to 30 years. The life expectancy after retirement age is 17 more years for a man and 20 more years for a woman.
If you begin making catch-up contributions at the age of 50, then a retirement planner can help you allocate those extra funds for a higher return. Although you can withdraw retirement funds at the age of 59 ½ without tax penalties, waiting until age 62 or older will increase your monthly benefit. You can retire at an earlier age of 62 for a lower benefit amount or retire at age 66 (if you were born between 1943 and 1954) with a higher monthly benefit amount. Waiting subsequent years will increase your benefit, however you must begin withdrawing by the age of 70 ½ to avoid tax penalties.
Friends, family, and coworkers can offer you referrals for retirement planners in Atlanta and give you honest feedback. The Better Business Bureau (BBB) for the in and around the city.
Check the legitimacy of any financial planner before you hire them. You will want a Certified Financial Planner (CFP) or Advisor. You can find a list of CFPs at the CFP Board of Standards website. To narrow your search, you can search by zip code, investable assets, compensation options, or by language.
The National Association of Personal Financial Advisors (NAPFA) hosts another database with professional advisors in the Atlanta area. Using the database, you can locate 31 advisors in 23 firms within a 30 mile radius in Atlanta that specialize in retirement planning, investments, distribution rules, and estate planning.
The Center for Positive Aging connects you with resources within Atlanta and throughout the State of Georgia. You can find resources for home and community based services, skilled nursing homes, adult day services, and senior assistance programs. The site also has a listing of caregiver resources if you are taking care of an aging loved one. You can contact the center at 1440 Dutch Valley Place NE, Suite 120 in Atlanta or call (404)-872-9191.
The Fulton County Free Senior Services manages four senior centers through the Human Services Department’s Office of Aging in Atlanta. These centers provide resources, low cost meals, workshops, and classes. To locate a senior center near you, call (404)-730-6000.
Find assisted living in Atlanta near you.