Having enough money to retire is important to live the retired life you want. However, do you know how much is enough? Transamerica Center found in a recent survey that half of the 4,500 US surveyed merely guessed at how much they needed for retirement. You shouldn’t have to guess at how much you need. A financial planner can help you develop a plan to reach your retirement goals.
According to the Certified Financial Planner Board of Standards, it’s important to consider other factors of your retirement like health care, long-term care, planning for the distribution of your estate, post-retirement income when planning for retirement.
You will also need to determine the best time to start receiving your government benefits. People born between 1943 and 1954 can start receiving full Social Security benefits at age 66. These payouts will go up by delaying a few years. At age 67, they will be eligible for 108 percent of the monthly payout, and at 70, they will be eligible for 132 percent of the benefit.
A financial planner will help you develop a strategy to minimize taxes taken out from your accounts when you need to take out money. When you need funds from your accounts, there is a certain order to use that helps reduce taxes. A financial planner can help you save as much of your nest egg as possible.
According to a recent study by the U.S Bureau of Labor Statistics, about 20 percent of Americans over the age of 65 are still working. Although working longer may help you save more money, there are some factors you will need to consider if you want to keep working including Medicare enrollment, impact on Social Security, and minimum withdrawals from accounts. Retirement planners can help you decide if working is the best option for you and how you can plan accordingly.
There are several Certified Financial Planners (CFPs) in Aurora. You can ask your friends, family, and co-workers for recommendations. Also, you can search various websites to find a local CFP.
The CFP Board of Standards database has a search function by entering zip codes. The advanced search function allows you to sort your results by specialties or the value of assets you have to invest. You can also view each professional’s compensation plan and minimum investment requirements.
Find a Better Business Bureau (BBB) accredited business with good ratings and minimal or no complaints on Denver’s BBB website. You can search by category or review planners you are considering.
You can find more help and resources to assist with your retirement at the Denver Area Agency on Aging. They provide programs such as:
Resources to other area services
The Area on Agency helps you have a single contact to check for area information related to seniors. You can contact them by calling 303.455.1000 or e-mailing [email protected].
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