If you’re near retirement age, you’re probably excited to start enjoying your golden years and hopefully, you have planned well for them. It’s never too early to start planning your retirement and you want to make sure that you are saving enough money so you can live comfortably. Many US workers are just guessing at how much they need to save and according to a Transamerica survey, only about half of workers feel confident with their planning. A retirement planner can make sure save enough for retirement and use your money wisely during that time.
You need to keep in mind that there are various things you need to plan for when it comes to retirement. In fact, the Certified Financial Planner Board of Standards recommends that you make sure you plan for things such as health care, long-term care options, estate planning, and what your income will be once you retire.
Many people worry about how they will make money after they retire and most seniors will depend on their Social Security benefits. At the age of 66, you will be able to start collecting 100% of your benefits and you can live off of that but if you can wait a few years you might end up making more money in the long run. By age 67, you could be collecting 108% of your benefits and by age 70 you could collect up to 132% of your benefits.
How you use your money in retirement also plays into your income level after you stop working. If you have money in savings accounts or retirement funds you could benefit by using your money in a certain order. A good financial planner will know these benefits and help you create a plan that utilizes these benefits in order to save you the most money.
Finally, you should decide when you want to retire. While many people will say that the typical retirement age is 66, that is actually starting to change. Some seniors are waiting a few more years to retire and even more are continuing to work at least part-time after they retire from their full-time jobs. In Ohio, 5.8% of the workforce is 65 or older.
You can start your search by talking with your coworkers or neighbors to see if they have suggestions for planners in your area or you could also check with your boss to see if your job offers retirement planning services. There are also a few other ways to search for planners in your city.
Check the CFP Board of Standards search tool to locate financial planners. After you enter your location change your search to include only retirement planners.
The National Association of Personal Financial Advisors also allows you to search their network of financial planners. You can change your search to include only retirement services and adjust the distance to find ones that are closest to you.
The Better Business Bureau of Cleveland lists dozens of retirement planning services and along with their location you can read their business reports and user reviews to get a better feel for each agency.
Empowering and Strengthening Ohio’s People (ESOP) has a mission to help stabilize Ohio neighborhoods by providing education to numerous people, including seniors. They have a variety of senior workshops and resources that can help low-income seniors plan for their retirement.
They offer one-on-one counseling and senior benefits and referral services. You can contact them at 216-361-0718 to get more information and find out their workshop schedule.
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