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Cincinnati Retirement Planning

The average American is living 17 to 20 years past the retirement age of 65, according to the United States Department of Labor. You will want to seek the expertise of a retirement planner to help you prepare for life after retirement.

What Topics to Ask a Retirement Planner

You will want to discuss with a retirement planner all aspects of retirement. It is suggested you plan for 30 years post retirement so as to not outlive your income as more Americans are living into their eighties and nineties. Ask your retirement planner about estate planning, long-term care insurance policies, health care, medical expenses, investments, and retirement accounts. Your retirement planner should also take inflation into account.

Social Security and retirement account guidelines can be tricky to follow while avoiding heavy tax penalties. Although you can begin withdrawing from your retirement accounts at age 59 ½ without penalties, it is advisable to leave the money in the account so the funds will increase.

You may take an early retirement at age 62, but the monthly Social Security benefit will be lower than if you waited until age 66 or older (if you were born between 1943 and 1954). The monthly benefit will increase the longer you wait to begin withdrawing Social Security, however by age 70 ½, you need to start withdrawing to avoid a tax penalty.

What to Expect From a Certified Financial Planner

Planning your future retirement and income are important steps that should be done at least 10 to 15 years before retirement, if possible, according to the United States Department of Labor. You will want to find a Certified Financial Planner (CFP) that specializes in retirement planning as well as estate planning. The CFP Board of Standards provides a database to consumers for free to find specialized CFPs in Cincinnati. You can also use the advanced search feature and choose CFPs based on language, investable assets, and compensation options.

The National Association of Personal Financial Advisors (NAPFA) is another database that allows you to search within an 80 mile radius of Cincinnati. Currently, seniors can locate 22 advisors in 13 firms.

Your friends, family, and colleagues may have recommendations for you based on their experience. You can read ratings and reviews for retirement planners at the Better Business Bureau (BBB) serving the Cincinnati Area, Southern Ohio, Northern Kentucky, and Southeast Indiana.

Retirement Resources Available in Cincinnati

The Cincinnati Council on Aging (COA) helps seniors with services and programs designed to educate and engage. Seniors can rely on the agency for resources to find assistance and long-term care services. Whether you want to stay at home indefinitely, or move to an assisted living community, the agency can help you find the right services for your circumstance and needs. The agency can point you to resources like:

Health and wellness programs

Home and community based care options

Long-term care planning

Transitional care programs

Caregiver support and education

You can find the Cincinnati COA’s main office at 175 Tri County Parkway in Cincinnati. You can also call the Aging and Disability Resource Network toll-free at 1-800-252-0155.

Learn more about Cincinnati Retirement Planning here:

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