Your retirement years should be filled with relaxation and the people and hobbies you love but if you haven’t planned for them, you might find yourself struggling to take care of everything. You aren’t alone when it comes to putting off retirement planning and a Transamerica survey showed that about 53% of workers guessed when they estimated how much they should save and instead of putting aside the recommended 15% of their salary many only save 8%. A retirement planner could be a smart investment if you want to make sure you’re preparing for your retirement and Louisville can help you find the resources you need.
One of the toughest parts of planning for your retirement is to make sure all areas of your life are cared for. The Certified Financial Planner Board of Standards says that you should keep in mind things like health care costs, long-term care options, estate planning, and your income once you leave your job.
That last factor, post-retirement income, is perhaps the one that most people focus on because they want to make sure their daily needs are met. Social Security benefits are what most seniors rely on and once they turn 66 they can start collecting. But you might want to consider delaying your benefits because you might be able to make more money later on. For example, at 66 you will get 100% of your monthly benefits and at 67 that number goes up to 108%. Wait for the maximum amount of time, until age 70, and you can collect up to 132%.
Another way to get more money is to use your various accounts wisely. If you have savings accounts or retirement funds, the order in which you withdraw money from those accounts could affect your tax rate and you could pay fewer taxes. Your retirement planner should be able to oversee all of your accounts and let you know when is the best time to start using the money in each account.
When you retire is another factor that can play into your finances and a retirement planner can help you decide the best time to leave your job. You have a few options such as retiring right at 65, delaying retirement for a few years, or switching to part-time work instead of full-time. Many seniors are choosing to stay in the workforce longer and in Kentucky, 4.2% of the workforce is 65 or older.
You want to make sure you find a Certified Financial Planner (CFP) that will fit your needs so ask your friends or coworkers if they have any suggestions. It might also be a good idea to find out if your employer offers and retirement planning services or has a deal with a local group through your job. You can also find a CFP in a few other ways.
The Certified Financial Planner Board of Standards allows you to search locally for retirement planners. Just make sure to refine your search once you enter your location.
The National Association of Financial Planners is another online searching tool to locate not only retirement planners but a variety of financial advisors near you.
The BBB of Louisville, Southern Indiana, and Western Kentucky can help you find local and reputable financial advisors. You can view business reports and read user reviews to learn more about each group.
You can find a lot of free financial resources through the Bank on Louisville website. You can find out about local seminars and workshops on retirement services as well as view their online resource page that links to sites like My Retirement Paycheck that can help you plan out your retirement easily. To find out more about specific workshops or resources, you can call 502-574-5156.
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