American seniors are living longer than the generation before them, many into their eighties and nineties, as pointed out by the United States Department of Labor. Preparing ahead is key to enjoying a long and fulfilling retirement.
The United States Department of Labor advises to plan for about 30 years of senior living post-retirement. The average life expectancy for an American male is 82 years and the average for an American female is 85 years. By planning for 30 years of retirement, you will not have to worry about outliving your money.
It is more than just saving for retirement. You should also consider retirement investments, estate planning, long-term care planning, eldercare, health care, and medical expenses.A retirement planner can help you navigate the terms of Social Security. The SSA will reduce your monthly benefit if you are receiving SS and working at the same time and you are younger than full retirement age.
The United States Department of Labor recommends increasing your contributions at age 50 to 401(k) and other investments. At age 59 ½, you will no longer receive a tax penalty for withdrawing early, however it suggested to allow the money to increase over the next several years. At age 62, you can receive SS, but if you wait until age 66, your monthly benefit will be larger. Every year you wait to withdrawal SS, your benefit will increase. You are still eligible for Medicare at age 65.
Family and friends can recommend retirement planners in the Denver area, however you can also find the ratings and reviews for retirement planners through the Better Business Bureau (BBB) for Denver and Boulder.
You will want a Certified Financial Planner (CFP) or Advisor to assist you in planning your retirement and investments. The National Association of Personal Financial Advisors (NAPFA) can help you locate CFPs in Denver that specialize in retirement planning, estate planning, distribution rules, and generational planning issues. Currently, the database shows 21 advisors in 19 firms within a 370 mile radius that match that search criteria.
The CFP Board of Standards allows you to narrow your search further to include specific investable assets, compensation options, and specialty like estate planning or eldercare. You can also choose from 24 languages.
The Denver Seniors Resource Center is a non-profit that helps seniors find services in the area. The center offers adult day programs, affordable transportation for any purpose, in-home care, care management, and chore services. The care manager can help you find services like retirement planners and elder law advisors after evaluating your needs. You can reach the main office at (303)238-8151.
If you are a caregiver for a Denver senior, you can access the resources provided by the center and take advantage of the extra support. They also have a Senior Reach Hotline at 1-866-217-5808 if you are concerned about the wellbeing and mental health of a senior in the area.
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