Retirement is something that most of us look forward to as a time to relax and enjoy our family and hobbies. You know that you need to save money for your retirement, but do you know how much and where to start? You aren’t alone and in 2015 a Transamerica survey found that only a little over half of US workers feel confident that they are saving enough money for retirement and most are just guessing at a number. This is where a retirement planner can be beneficial and there are plenty to choose from in the Jacksonville area.
Retirement planning should involve a few different areas to make sure that all of your bases are covered. The Certified Financial Planner Board of Standards suggests discussing topics like estate planning, long-term care options, health care plans, and income after retirement.
Perhaps income after retirement is one of the most important topics to understand. While it can be complicated, you want to make sure you know where your money is coming from once you are done working and you have enough to live comfortably. Many seniors will rely on Social Security benefits and at the age of 66, you can start collecting 100% of your benefits. But you might not know that if you wait even one year you could collect 108% of your benefits and if you wait until you’re 70 you could collect the maximum of 132%.
The way you use your money and accounts can also save you money during your retirement. If you have funds in various savings accounts and retirement funds, you can use them in a certain order and save money on taxes. Your retirement planner should be able to look at all of your available funds and come up with the best plan so that you save as much money as you can.
You will also want to decide when to retire because the age is different for each person. For some people, it makes more sense to retire while for others it’s a better idea to wait a few years. You could even retire from your full-time job while still continuing to work part-time. More seniors are choosing this option and in Jacksonville over 480,000 workers are 65 or older.
There are plenty of Certified Financial Planners (CFP) in Jacksonville but you want to make sure you find one that specializes in retirement planning. You can talk to your friends or coworkers to see if they have any suggestions or even talk with your boss to see if they offer retirement planning through your job. You can also search at some of these places:
National Association of Personal Financial Advisors allows you to search for all financial planners in their network based on your location. You will need to make sure that you refine your search to retirement services only and change the distance to find services in your city.
The Better Business Bureau of Jacksonville is another good place to look for retirement services because you can read user reviews and business reports to find an agency that will work best for you.
The CFP Board of Standards also has a search tool on their website and once you enter your location you can refine your search to retirement planning.
There are a few other places you can check out to find tools and help for your retirement planning. Choose To Save has a variety of different retirement planners and calculators you can use to see how much money you should save and how much to budget on your income.
The Florida Department of Financial Services also has a program called Safeguard Our Seniors and you can find a variety of educational topics and programs that will help you save money, avoid financial fraud, and provide for yourself during retirement.
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