You know that you need to start saving money for your retirement and you probably know the sooner you start the better off you’ll be in the future. The problem that many of us face is that we have no idea how much to save and where to start. In fact, a Transamerica survey of over 4,000 US workers found that most are just guessing at how much to save and hope that will be enough for retirement. If this sounds like your plan, you might want to consider using a retirement planner to help manage your funds and make sure your future is secure.
When you start to plan out your retirement, the Certified Financial Planner Board of Standards suggests that you keep a few key topics in mind: estate planning, long-term care options, possible healthcare needs, and income after retirement.
Your income once you retire is probably one of the more important things to keep in mind because it can be a cause of stress if you haven’t planned or don’t know where your money will be coming from. While this topic can be a little complicated, it’s well worth it to understand and go over with your planner because it can save you money in the long run. For example, at the age of 66, you can start collecting Social Security benefits but if you hold off for just one year, you could collect 8% more than at age 66.
During this time you’re also going to have to start withdrawing funds from various accounts but it can matter the order you use these accounts. It could end up saving you money in taxes and a smart financial planner will know exactly how to manage your money and when you should use each account.
It’s also a good idea to consider the age at which you’ll retire because while most people think the standard is 65, it can vary from person to person. It could be smarter to wait a few years to retire or perhaps it would be even better to retire from full-time work and move to part-time work. This is actually becoming more popular as about 5.5% of the Tennessee workforce is 65 or older.
There are a lot of Certified Financial Planners or CFPs in the Memphis area and it isn’t too difficult to locate one that specializes in retirement planning. You can get referrals from friends and coworkers or you could use a few of these search options.
The Memphis Better Business Bureau lists dozens of retirement planning agencies in the Memphis area and can help you choose top-rated businesses with user reviews and reports.
The CFP Board of Standards also has a search tool that allows you to find retirement planners in your area. Make sure you refine your search to just retirement services.
You can also use the National Association of Personal Advisors to find more agencies in your area. You can refine your search to retirement planning and adjust the distance to your city too.
Another great resource for retirement planning and management is AARP: Tennessee. On this website, you can learn about different events and talks in your area specifically about retirement planning, find tools that can help you calculate costs and how much you should save, tips on how to live on a limited budget, and much more.
Your local senior center might also be able to help you with certain financial planning or refer you to an agency that can assist you with your needs.
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