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Chicago Retirement Planning

Planning for retirement can be confusing, but a retirement planner can help you smooth out the complex details and increase your benefits with retirement plan investments. Chicago has Certified Financial Planners and Advisors that can help you get started.

Common Retirement Planning Topics to Consider

A retirement planner should help you assess what retirement accounts you already have started as well as any investments and contributions you can make to yield a higher return before retirement begins. You will also want to speak to your planner about estate planning, long-term care, and health care and medical expenses. The United States Department of Labor estimates that the average American senior now lives 17 to 20 years (or longer) past retirement age.

The recommendation given is to plan for 30 years past the retirement age of 65 to avoid running out of income. A retirement planner can explain the confusing Social Security rules to you and help you choose the best time to retire based on your circumstance. Although you can retire at the age of 62, waiting until age 66 to retire will allow you to receive the full benefit, if you were born between 1943 and 1954. You will need to begin withdrawing, regardless, at age 70 ½ to avoid heavy tax penalties.

You will need to remember to apply for Medicare at the age of 65 to avoid any problems in the future. A financial planner can help you with each milestone.

Locating Retirement Planners

Your friends, family, coworkers, and other senior citizens are excellent referral sources for retirement planners in Chicago and the surrounding areas. You can also find ratings and reviews for financial planning firms on the website for the Better Business Bureau (BBB) for the Chicago and Northern Illinois area.

Since retirement planning and your future income are such important topics, make sure you use the services of a Certified Financial Planner (CFP) or Advisor that specializes in retirement and estate planning. You can find a listing of CFPs at the CFP Board of Standards. The site allows you to narrow your search to find planners based on your investable assets.

The National Association of Personal Financial Advisors (NAPFA) allows you to narrow your search to include planners in Chicago that specialize in various client market topics. As of 2016, NAPFA had 28 advisors in 23 firms listed within a 30 mile radius of the city.

Retirement Resources Available

There are close to 1000 senior clubs and groups that meet in senior centers across the city and work with the City of Chicago’s Senior Services Area Agency on Aging. These senior centers include the Southwest Senior Center, Southeast (Atlas) Senior Center, Renaissance Court, Northwest (Copernicus) Senior Center, Northeast (Levy) Senior Center, and the Central West Regional Center. These centers provide services like hot meals, fitness, health and wellness programs, insurance counseling, and recreational activities. You can learn more by calling (312) 744-4016.

The Chicago Department of Family and Support Services can assist you in finding more than 70 city, state, and federal benefits if you are eligible. The city also offers satellite senior centers and senior wellbeing checks.

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