Planning ahead is always important to help you get where you want to be. Retirement is no different. However, Transamerica Center found in a recent survey of 4,500 US workers that only 59 percent were satisfied with their retirement savings. Most surveyed also did not know how much they would need to retire comfortably. Having a professional retirement planner can help take a guess out of your retirement plans. There are several financial planning professionals in El Paso to help you reach your retirement goals.
The Certified Financial Planner Board of Standards recommends viewing your retirement plan as more than just savings. They feel people should consider other post-retirement factors like long-term health care, estate planning and distribution, and post-retirement income.
Your income during retirement can be complicated with all the different tax stipulations and regulations. Using a financial professional will help you increase your benefits received while lowering your tax implications. For example, people born between 1943 and 1954 can get full Social Security benefits when they are 66. If they wait longer to get benefits, they will receive more each month. At age 67, they will be eligible for 108 percent of the monthly benefit and 132 percent at age 70.
When you need to take out money from your bank accounts, there is a particular order you should follow to minimize taxes. A retirement planner helps you plan the best strategy to manage your money and develop a plan to get the most out of your money.
Your financial advisor can help you develop a plan to utilize your retirement and help you figure out if you should continue to work part-time after retiring based on your lifestyle and goals. If you need to work or want to work past age 65, you will join more than 20 percent of Texans that are still working past 65. This percentage had increased from 13 percent in 1990.
There are plenty of Certified Financial Planners (CFPs) in El Paso to choose from, but you should focus your search on a professional that concentrates in retirement planning. One of the best places to start your search is to ask around for referrals from friends and co-workers. There are also other search tools to aid your search.
The CFP Board of Standards database offers a search tool to locate area CFPs. There is an option to refine your search by the advisor’s specialties including retirement planning. When you view each financial advisor, you can see payment plans, concentrations, and minimum investment requirements.
The El Paso Better Business Bureau (BBB) is another great resource to find highly rated financial advisors. You can also view any complaints registered and check to see if they have a high rating with the BBB.
The Rio Grande Area Agency on Aging offers benefits counseling on other items related to retirement including:
Social Security Legal issues Medicare Insurance and consumer fraud Disability
For more details, visit Rio Grande Area Agency on Agency website, or call toll-free 1.800.333.7082.
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