Consultant Hours
  • Mon - Fri: 5:00 AM - 9:00 PM PT
  • Sat - Sun: 5:00 AM - 5:30 PM PT

Milwaukee Retirement Planning

One of the key ways you can enjoy your retirement years is to make sure you have planned for it and that can sometimes be easier said than done. A Transamerica survey of over 4,000 US workers found that while a little over half said they were confident they would be comfortable during retirement, most were guessing about how much they had to save and only 14% had a written out plan or strategy. One person who can help you come up with a strategy is a retirement planner and there are plenty of them here in Milwaukee.

Key Issues To Keep In Mind While Planning

While you plan your retirement there are a few different areas that you’re going to need to keep in mind. The Certified Financial Planner Board of Standards actually recommends that you think about things like estate planning, health care, long-term care options, and your post-retirement income.

Post-retirement income might be the one area that you feel needs the most attention because you want to make sure that your daily needs are taken care of once you are no longer working. Social Security benefits are what many seniors will turn to and while you can start collecting at age 66, you might want to consider waiting even for just a year. By waiting just one year to start collecting you could get 108% of your benefits instead of 100%. If you wait the maximum amount of time, age 70, you could collect up to 132%.

It’s also important to use the money you have saved in the right order because it could help you have more money over your retirement. If you withdraw money from your savings or retirement accounts in a certain order you could save money on taxes and a smart financial planner will help you come up with a plan that uses this to your advantage.

Finally, you want to pick the age you retire carefully and it will be different for each person. Depending on your situation it could be better to retire at 65 or it could be better to wait a few years. It’s also becoming more normal for seniors to keep working even after they retire from their full-time jobs and in Wisconsin, 5.1% of the working population is 65 or older.

Locating A Retirement Planner In Milwaukee

It’s important to find a good Certified Financial Planner (CFP) and one that specializes in retirement planning. Luckily, there are a few ways to find one here in Milwaukee. Talk with your friends and coworkers and see if they have any suggestions as well as your boss who might have a referral or their own retirement services you can use through your job. You can also check in these places:

The Better Business Bureau of Milwaukee is a good place to read user reviews and find a retirement planning agency that you feel will be a good fit for you.

The National Association of Personal Financial Advisors has their own network of financial advisors you can search based on your location. Make sure to refine your search by clicking on retirement planning.

The CFP Board of Standards also has a search function on their website. Make sure to refine your search to retirement after you enter your location.

Extra Financial Resources

Catholic Financial Life in Milwaukee has various financial educational tools including retirement calculators and articles on how to start your retirement planning. You can also visit their office and find out more information or call 800-927-2547.

Milwaukee also has Financial Planning Days where you can meet one-on-one with dozens of CFPs to talk about your retirement needs. You need to register for the free event but you can call 877-861-7826 for more information.

Learn more about Milwaukee Retirement Planning here:

How Much Does It Cost to Retire in Milwaukee, WI?

What's the Cost of Living in Milwaukee, WI?

Milwaukee Financial Advisors

Milwaukee Elder Law Attorneys

Milwaukee Senior Realtors

Milwaukee Senior Movers and Downsizers

Milwaukee Neighborhood Guide

Live Like a Local in Milwaukee

Milwaukee Demographics and Lifestyle

Find assisted living in Milwaukee near you.