You may be excited to retire to sunny Miami, but do you know how long your retirement income will last? Will it be enough for you to live into your eighties or nineties? A retirement planner can help you prepare for your future past retirement.
The United States Department of Labor suggests that you plan your retirement income to last 30 years. This may seem like a long time, however the average American is living 17 to 20 years past the retirement age of 65. By planning for 30 years post retirement, you avoid the chance of living beyond your income.
A retirement planner can help you locate retirement accounts from past employers and allocate funds into better investments for a higher return. You will want to consider other aspects of retirement like estate planning, long-term care insurance policies, health care, and medical expenses. Remember that inflation may play a role in how long your retirement income will actually last you.
A retirement planner can help you understand and comply with guidelines from retirement accounts and Social Security. Even if you agree to retire early at age 62, you will receive a lower monthly benefit amount. Every year that you wait to retire means the monthly benefit will increase. By the age of 70 ½, you should begin withdrawing to avoid tax penalties.
Not only can friends and family give you recommendations for retirement planners, but you can read reviews and ratings on the Better Business Bureau (BBB) for Southeast Florida and the Caribbean’s website. You can view the firm’s rating, accreditation status, and resolved and open complaints.
If you are looking for retirement planners with a commitment to high standards and ethics, check out the database offered through the CFP Board of Standards. You can search for CFPs that specialize in eldercare, estate planning, long-term care, and retirement planning. The site allows you to narrow your search even further by choosing your investable assets, compensation options like fee only or commission only, and CFPs that speak a foreign language from a selection of 24 languages.
The National Association of Personal Financial Advisors (NAPFA) also provides a comprehensive list of fee only planners in the Miami area. You can select to only search for advisors that specialize in estate and generational planning, retirement planning, and /or retirement investments and distribution rules. Currently, seniors can find 23 advisors in 18 firms within a 190 mile radius of the city.
If you are in need of more retirement or senior resources, the Aging and Disability Resource Centers of Florida (ADRCs) can direct you to the appropriate services and programs. You can find assistance with:
Long-term care planning
Healthy aging programs
Medicaid and managed care
Alzheimer’s disease services
You can call the Elder Helpline toll-free for more information at 1-800-96 ELDER (1-800-963-5337).
Find assisted living in Miami near you.