Having the resources you need to retire is essential to have the retired life you want. Do you know how much money you need to retire comfortably? Half of Americans surveyed by Transamerica said they don’t know the exact number and just guessed amount. A certified professional planner can take the guess of retirement planning and help you get where you want to be. You can find a professional in Long Beach to help you plan accordingly.
The Certified Financial Planner Board of Standards recommends planning for additional items that can affect your retirements such as estate planning, post-retirement income, long-term health care, and health insurance.
You are also most likely eligible for Social Security and Medicare starting at age 66 and 65 respectively. You qualify for full Social Security benefits at age 66. If you delay receiving benefits, your payout increases. At 67, your payout will increase to 108 percent of your monthly payout, and at age 70, your payout increases to 132 percent. You are also eligible for Medicare at age 65, but insurance costs can increase if you delay applying past age 65.
A financial planner can help you lower taxes withdrawn from your retirement accounts. When you withdraw funds from your accounts, you will most likely have to pay tax. You can save money by removing money in a certain order of accounts. A retirement planner will help you keep as much of your nest egg as possible.
If you decide to work past age 65, you are not alone. According to the U.S. Bureau of Labor Statistics, roughly 20 percent of Americans over the age of 65 are still working. If you continue to work, there are some things you need to consider such as applying for Medicare in time to avoid increased rates. A retirement planning professional will help you create the best plan for your retirement, and let you know if you should continue to work and for how long.
Finding Certified Financial Planners (CFPs) in the Long Beach area can be as simple as asking your friends and co-workers for recommendations. Various websites also offer search functions to help you find local professionals.
Using the CFP Board of Standards database, you can enter your zip code to find local CFPs. We recommend you search for a planner that concentrates in retirement planning, which you can also find by refining your search. You can also review each CFP’s payment plan, minimum investment requirement, and specialties.
The Los Angeles County of the Better Business Bureau (BBB) allows you to search for BBB accredited businesses. You can also review the rating of the planner and if there are any complaints filed with the BBB.
The Los Angeles County Aging and Community Services provides various programs for area seniors including:
You can call the Los Angeles County Area Agency on Aging Information and Referral Call Center at 800.510.2020 for more details on these programs.
Find assisted living in Long Beach near you.