Your retirement is a chance to relax and enjoy time with your family and friends and if you’ve planned for it, that’s just the way it will be. Without proper planning, though, you might not be prepared for any curves that retirement might throw your way. If you haven’t planned or thought much about retirement, you’re not alone. A Transamerica survey showed that over half of US workers thought they would be able to retire comfortably but most were just guessing at how much they needed to save. If you use a retirement planner, you can avoid these pitfalls and fully enjoy your golden years.
The Certified Financial Planner Board of Standards has a few key areas that you should keep in mind as you plan your retirement: estate planning, health care, long-term care options, and income once you retire. It’s a good idea to make sure you go over all of these carefully.
One area that many people focus heavily on is income once they retire. You want to make sure you have saved enough to cover any emergencies you might face but you also want to have some source of income to make sure your day to day expenses are covered. Social Security benefits can help with this and if you’re smart you might be able to get the maximum amount of money by just waiting. Deferring your collections for just one year allows you to collect 108% of your benefits instead of 100% and waiting until 70 to start collecting allows you to collect 132%.
You also want to use your money wisely, not just on what you spend it on but when you use it. If you have money in different accounts like savings or retirement funds, the order you withdraw money from those can impact your taxes. A good financial planner will take a look at all of your accounts and make a plan to use your money at the right time to save the maximum amount.
The age you retire will also affect your income and it will depend on your situation. It could be better to retire at 65 or wait a few years until you retire. A lot of seniors are finding it’s better to keep working part-time once they retire and they aren’t alone. In New York, 4.9% of the working population is 65 or older.
A good Certified Financial Planner (CFP) isn’t hard to come by in Buffalo but you still want to do your research and find one that specializes in retirement planning. It’s always a good idea to get suggestions from your friends or coworkers and check to see if your job offers their own retirement planning. You can also go online to find CFPs in your area.
The CFP Board of Standards has a search tool and you can enter your location as well as refine the search by adding retirement services.
The National Association of Personal Financial Advisors has a large network of planners you can search. After you enter your location make sure you click on retirement services to find what you need.
The Better Business Bureau of Buffalo lists dozens of agencies that offer retirement services and you can read user reviews to find the best planner in your city.
There are a few other places that you can find retirement planning resources. USA.gov provides plenty of information about retirement, pension plans, civil services retirement, and a target goal for your retirement funds.
Choose To Save is another great website that has various tools and calculators to help you plan your retirement. You can:
Calculate your 401k Create a working budget Learn about investments Save for long-term care
They also have tax calculators, educational articles, and links to more retirement planning resources online.
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