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Kansas City Retirement Planning

Do you know how much you need to retire comfortably? Half of 4,500 Americans surveyed by Transamerica said they weren’t sure and guessed how much money they should have for retirement. If you aren’t entirely sure how much money you need, there is a risk there will not be enough money to retire with the life you want. To help you determine how much you need and how to get there, it’s a good idea to consult a certified financial planner.

Several factors of retirement planning

Retirement is more than just about saving money. The Certified Financial Planner Board of Standards recommends you should also plan for additional items related to retirement including long-term health care, health insurance, estate planning, and post-retirement income.

You should understand all the savings available to you, including Social Security and Medicare costs. For example, you are eligible for full retirement benefits at age 66 through Social Security. However, if you wait to receive these benefits, your monthly payout will increase. At 67, your payout increases to 108 percent, and at age 70, you will get 132 percent. Medicare costs increase if you delay applying past age 65.

Taxes are something you will also need to consider when you need money from your retirement accounts. A planner can help you maximize the money you have saved. There is a particular order you should use when withdrawing money that helps you save on taxes. A retirement planner is familiar with the various tax implications and can help you save.

If you decide to work past age 65, you are not alone. Almost 20 percent of Americans over the age of 65 are still in the workforce. As you continue to work, you can save more into your accounts and bring in additional monthly income. However, there are some things you need to consider for continuing to work past retirement age, such as applying for Medicare. A retirement planning professional will help you learn the best way to maximize your income and keep the majority of your benefits with the best retirement plan for you.

How to find a retirement planner

You can find several Certified Financial Planners (CFPs) in Kansas City. An excellent way to start your search is to ask around for referrals from your friends, co-workers, or neighbors. Other websites have search tools to help you find local professionals.

CFP Board of Standards database allows you to search by zip code to find nearby CFPs. If you wish to narrow your results, choose the “refine your search” to find a planner that specializes in retirement. You can see each CFP’s minimum investment requirements, compensation plans, and specialty areas.

You can also search the Greater Kansas City Better Business Bureau (BBB) to find BBB accredited businesses and review rates and any complaints.

More resources

The Mid-America Regional Council offers a variety of resources and programs to the Kansas City area. These services provide information to help you with retirement and include:

Medicare information

Financial exploitation

Legal aid

Long-term care

For more information, call 816.474.4240.

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