Most of us will agree that planning for retirement is essential so you can live retired life comfortably. Determining how much is needed is something that many Americans don’t know. Half of 4,500 Americans surveyed by Transamerica said that they have guessed how much they will need to retire. If you just guess, you run the risk of not having enough money to retire and maintain a lifestyle you want. A certified professional planner can help determine how much you need and how to get there. There are many financial professionals in Baltimore to assist you with your plans.
There is more to retirement planning than saving money. The Certified Financial Planner Board of Standards recommends you plan for other factors of your retirement including long-term health care, health insurance, estate planning, and various sources of post-retirement income.
A retirement planner can also help you utilize most of the benefits available to you. You are eligible for full retirement benefits at age 66 through Social Security. If you wait to receive your benefits, your monthly payment will increase. At 67, your monthly payout is 108 percent, and at 70, your monthly payment increases to 132 percent of your full benefits. At 65, you are also eligible for Medicare, and your costs to enroll will increase after 65.
Taxes are something you will need to consider when getting money from your retirement accounts. A planner can help you maximize the money you have saved by knowing the proper accounts to withdraw from and in which order. A retirement planner is familiar with taxes and can help you put together the best plan to save you the most money.
Working past age 65 is become more popular in the U.S. Almost 20 percent of Americans over the age of 65 still work for various reasons. You will be able to save more in your accounts and bring in additional monthly income. There are some things to consider if you continue to work such as applying for Medicare. A retirement professional can guide you to make the most of your retirement benefits and help you decide if you should continue to work.
There are several options to find Certified Financial Planners (CFPs) in Baltimore. Ask your friends, co-workers, or neighbors for a referral. There are also other search tools available to find a planner.
Search the CFP Board of Standards database by your zip code to find a nearby CFP. You can also use the “refine your search” menu to find a planner who specializes in retirement. You can see each CFP’s minimum investment requirements, payment plans, and concentration areas.
Check out the Greater Maryland Better Business Bureau to find accredited businesses and view ratings.
The Aging and Disability Services Division of Baltimore County offers services and programs. The services available to the community include:
State health insurance counseling
Area newspaper Senior Digest
For more details, call 410.887.2109 or use the online contact form.
Find assisted living in Baltimore near you.