According to a study by the Employee Benefit Research Institute, only 42 percent of Americans have tried to calculate and plan for retirement. With seniors living well into their eighties and nineties, you will want to make every effort to plan ahead.
While planning for retirement, seek out a professional financial planner or advisor. A legitimate planner will help you with all aspects of retirement including the retirement planning, estate planning, long-term care planning, health care, and medical expenses.
A retirement planner will break down the complex, sometimes confusing, Social Security guidelines for you. Although you can retire as early as age 62, your monthly benefit will remain lower, than if you waited until age 66 or older to retire. You must begin withdrawing from your retirement accounts by age 70 ½ to avoid tax penalties. A retirement planner can help you stay on track and get the most from your benefit.
Family and friends are excellent sources for retirement planners in your area. The Better Business Bureau (BBB) for Wisconsin in another source you can use. The BBB lists firms in Madison with ratings and reviews. You can see if the retirement planning firm is BBB accredited and read any resolved or unresolved complaints before contacting the firm.
You can locate Certified Financial Planners (CFPs) using the CFP Board of Standards free database. The site allows you to narrow your search to include specialties like retirement planning, estate planning, and eldercare. You can also search for CFPs that specialize in specific amounts of investable assets or accept commission only fees.
The National Association of Personal Financial Advisors (NAPFA) includes a database of fee only advisors in the Madison and surrounding areas. As of 2016, you can locate 28 advisors in 26 firms within a 110 mile radius of the city.
You can find more retirement and senior resources at the Aging and Disability Resource Center of Dane County (ADRC). The center serves as an access point to apply for government benefits and learn more about long-term care options. You can receive assistance with the Health Insurance Marketplace, Medicare, Social Security, Medicaid, the FoodShare (FS) Program, Veterans benefits, disability resources, and dementia support. You can find ADRC at 2865 N. Sherman Avenue, Northside Town Center in Madison. You can reach the center Monday through Friday from 7:45AM until 4:30PM at (608)240-7400 or call toll-free at 1-855-417-6892.
You can also receive assistance and attend workshops and classes with other seniors in the area at the City of Madison Senior Center(). The center features guests, workshops, and other events to keep you informed and active:
Experts in arthritis
Dance and exercise
Author meet and greets
You can attend support groups such as the Latino support group, Alcoholics Anonymous (AA), and Take Off Pound Sensibly (TOPS). You can contact the center for more information by calling (608)266-6581 or visit the Madison Senior Center at 330 West Mifflin Street in Madison.
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