You plan for most things in your life so why should your retirement be any different? Unfortunately, many of us don’t think much about our retirement plans until it might be too late or we just don’t know how to start or what to do. A 2015 Transamerica survey found that out of 4,000 US workers a little over half were confident they were saving enough money, but most of those workers also said they were just guessing how much money they needed to save. You can take the guesswork of out of your planning by using a retirement planner. There are plenty in Lexington and they can help make sure you have a secure and comfortable retirement.
One of the reasons you might have put off planning your retirement is there are just too many things to cover. The Certified Financial Planner Board of Standards actually recommends focusing on a few areas that include estate planning, long-term care planning, health care, and income after retirement.
Of all those areas, income after retirement seems to be one of the most important because you want to make sure you can live comfortably after you retire. Social Security benefits can help with your daily costs and if you know more about them you might end up making more money. You can start collecting your benefits once you reach age 66 but what many don’t know is that if you can wait you might be able to collect more money. Waiting until 67 allows you to collect 108% of your benefits and waiting until 70 (the longest you can wait) allows you to collect 132%.
You want to make sure the money you have saved away is also used properly so you can get the most money. The order in which you withdraw money from your various savings or retirement accounts could impact your taxes and your overall nest egg. A good financial planner will make sure to protect that nest egg by creating a plan on how and when to use your money.
You also want to choose the age you retire wisely because that will also impact your finances. While many want to retire at 65 it could be more beneficial to wait a few years to retire. There are also a growing number of seniors who are staying in the workforce well after the retirement age, even if it’s just part-time. In Kentucky, 4.2% of the workforce is 65 or older.
There are a few ways you can find a Certified Financial Planner (CFP) and you want to make sure you look for one that specializes in retirement planning. It’s a good idea to get suggestions from friends, family members, or coworkers and talk to your boss and see if they offer retirement planning through your job. Online, you can search a few sites to find planners near you.
The Better Business Bureau of Lexington lists dozens of agencies offering retirement services and you can read user reviews and reports.
The National Association of Personal Financial Advisors offers a search tool for their network of planners. You can enter your location and search for only retirement planners in your area.
The CFP Board of Standards also has a search tool and you can look for retirement planners after you enter your location.
The Department of Financial Services in Kentucky has a Public Protection Cabinet that offers various workshops and educational opportunities. They have Senior Scam Jam events throughout the year and you can learn about how to:
Protect yourself from identity theft
Learn how to spot a scam
Find smart investment opportunities
What to do if you’re a victim of a scam
You can learn more about these programs as well as find out where they are being held by calling 502-573-3390.
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