Having the resources you need to retire is important to lead the life you want. You work your whole life and need resources to retire comfortably. Do you know how much money you need to retire? Half of Americans surveyed by Transamerica guessed the amount of money they needed to retire. If you want to lead a particular lifestyle, guessing could mean you don’t have enough money, and this is why you should consult a certified professional planner to help determine what you need. You can find several in the Las Vegas area to give you the plans and knowledge to plan accordingly.
Retirement planning encompasses more than just how much you save. According to the Certified Financial Planner Board of Standards, you should plan for other factors of your retirement including long-term health care, estate planning, and post-retirement sources of income.
A retirement planner can also help you make the most of your money and benefits available to you. For example, you are eligible for full Social Security benefits when you turn 66. If you wait to receive these benefits, your monthly payout will increase. At age 67, your payout will increase to 108 percent. At age 70, you will get 132 percent.
A financial planner can help you lessen the amount of taxes withdrawn from your retirement accounts. When you withdraw funds from your accounts, there will be taxes, and there is a certain order of accounts you should use first to save money. A retirement planner will help you save money in your nest egg.
According to the U.S Bureau of Labor Statistics, approximately 20 percent of Americans over the age of 65 still work. If you work past age 65, you will bring in additional monthly income and can add money to your retirement accounts. However, there are pitfalls for working past 65 including Medicare enrollment, impact on Social Security, and required minimum deductions in accounts. Retirement planners can help you make the best decisions for your situation.
You can find several Certified Financial Planners (CFPs) in the Las Vegas area. A good place to start your search is to ask around for a referral from friends and co-workers. There are other search tools available to help you find a local financial planner.
Using the CFP Board of Standards database, you can search by zip codes to find a nearby CFP. You will want to find a planner that focuses on retirement planning, which you can find by using the “refine your search” menu. With each CFP, you can see his or her minimum investment requirements, payment plans, and concentration areas of financial planning.
The Southern Nevada Better Business Bureau is another place to search for accredited businesses and see ratings and any complaints.
The Aging and Disability Services Division offers area seniors information to assist with retired life. They provide programs and services for:
Community Options for care
State health insurance assistance
For more details, visit their website or call 775.687.4210.
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