Retirement planning doesn’t need to be confusing, complex, or boring. If you choose the right retirement planner, you won’t have to worry about running out of retirement income in your nineties.
Planning for retirement is more than just income. To make sure you will be well cared for many years after retirement, begin planning now for your estate, long-term care insurance, health care needs, and medical expenses. The United States Department of Labor suggests planning enough retirement income to cover 30 years after your retirement age.
The average American man now lives 17 years longer after the retirement age of 65 while the average American woman lives 20 years longer. Experts believe planning for 30 years will save you from outliving your retirement funds.
A retirement planner can help you with catch-up contributions, investments, and retirement accounts. The planner may be able to allocate your investments to grow your portfolio with a higher return.
Social Security can be confusing, but a financial planner can explain the rules and make sure you are receiving the maximum benefit for your age and circumstance. You can retire early at age 62, however you will not receive full Social Security benefits unless you wait until at least age 66. Each year that you wait, your benefit will increase. You will not want to wait too long. By the time you reach age 70 ½, you must begin withdrawing or risk being charged with heavy tax penalties.
You can find close to two dozen financial planners and advisors in Houston, according to the National Association of Personal Financial Advisors (NAPFA). Within a 150 mile radius, you can find 22 advisors in 14 firms by narrowing your search to the Houston area or inputting your zip code for a narrower search.
The Better Business Bureau (BBB) for the Greater Houston and South Texas area includes listings, ratings, and reviews for close to 40 Certified Financial Planners. The CFP (Certified Financial Planner) Board of Standards lists CFPs in the area when you narrow the search criteria to Houston or your zip code. You can also narrow the search even further by selecting investable assets and specialty, like Retirement Income Management and Retirement Planning.
Your family, friends, and coworkers are also great sources for retirement planning referrals.
The Houston Health Department provides free benefits counseling to seniors age 60 and over. The counselors are certified by HICAP (Health, Information, Counseling, and Advocacy Program) and work with several agencies. You can receive assistance with the following:
Social Security Long-term care insurance Medicare Medicaid Transportation Other retirement plans Other types of insurance Veterans benefits Managed care plans Client representation Fraud and scams Housing
Legal services requiring attorneys are not part of the services offered, but are contracted out with Lone Star Legal Aid. You can call the Harris County Area Agency on Aging at (832)393-4301 or visit the main office at 8000 North Stadium Drive, 3rd Floor, in Houston.
Find assisted living in Houston near you.