Retirement planning is something most of us know that we need to do but we might not know where to start or don’t think it will make too much of an impact. In fact, a survey conducted by Transamerica showed that out of 4,000 US workers only 14% had a written out plan while 44% had no plan at all. A retirement planner can help change that and make sure your retirement is prepared for and you have everything you need to enjoy it.
While there can be many different areas to cover as you start to plan your retirement, the Certified Financial Planner Board of Standards suggests you focus on key areas like health care, long-term care options, estate planning, and your income once you retire.
Post-retirement income is an important area to keep in mind and there are a few ways to make sure that you are financially secure once you leave your job. One of the ways is to use Social Security benefits to your advantage. You can start collecting your benefits once you turn 66 but in order to collect more money, you should try to wait. By the age of 67, you could collect 108% instead of 100% on your benefits and if you wait until 70 you could collect the maximum of 132%.
The accounts you keep your money in can also help your financial standings after you retire. The order in which you use your savings account or retirement funds can help you save money on your taxes and your financial planner should be able to look at all of your accounts and create a plan that uses this benefit to your advantage.
Your retirement age will also play into your income and it can be a different age for each senior. Some seniors will do well to retire at 65 while others might need to wait a few years. There are even more seniors who are finding it’s better to keep working, even just part-time, once they leave their full-time job. There are about 1117,000 workers in Colorado who are 65 and older.
There are a few different ways that you can find a good Certified Financial Planner (CFP) in Colorado Springs. First, talk with your coworkers and friends to see if they have any good recommendations. You can also talk with your company as some will offer their own retirement planning services. You can also search online a few different ways:
The National Association of Personal Financial Advisors lists planners in their network based on your location. You can find any kind of financial planner but make sure to refine your search to a retirement planner.
The Better Business Bureau of Colorado Springs lists dozens of retirement planning services and you can read user reviews to get a better feel for each agency.
The CFP Board of Standards also allows you to search CFPs by area and you can refine the search to retirement planning.
The Colorado Department of Regulatory Agencies hosts a retirement planning week each year and you can go to various events and workshops as well as get one-on-one counseling from professional planners to help you with your needs. You can also learn about the various ways to save for retirement and how to avoid scams.
The National Retirement Planning Coalition is also a great resource for retirement planning. They have tools and calculators to help you figure out what you need to save as well as education on planning strategies.
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