A Certified Financial Planner (CFP) can help you figure out the complex terms of retirement, investments, and Social Security. With more people living past retirement age, it is critical to be prepared.
According to the United States Department of Labor, more Americans are living into their eighties and nineties. This means that retirement income needs to last at least 20 to 30 years past full retirement age. A retirement planner can help you make the right investments and contributions now for a better pay off later.
A planner can explain Social Security rules to you especially if you plan to work past retirement. Currently, at age 59 ½, you can withdraw funds early with no tax penalties. The longer you allow the funds to sit without withdrawing them means more money for distribution later. At age 62, you can begin receiving Social Security (SS) benefits, but you will receive less than if you wait a few more years. At the age of 66, you are eligible for full benefits if you were born between 1943 and 1954.
Keep in mind that you must begin withdrawing SS benefits by the age of 70 ½ in order to avoid burdensome tax penalties, including a 50 percent tax penalty. A retirement planner can assist you in making sure you meet requirements and invest into other accounts like a 401(k). Social Security benefits are not tax exempt, so confirm that your retirement planner can help you file correctly each year.
An easy way to locate Certified Financial Planners (CFP) or Advisors is to use an organization’s database. The CFP Board of Standards allows you to search within the Minneapolis area for CFPs that specialize in retirement planning, long-term care, eldercare, retirement income management, and estate planning. You can also search with investable assets and compensation options like fee only or compensation only.
The National Association of Personal Financial Advisors(NAPFA) showcases a database of fee only advisors. As of 2016, NAPFA displays 22 advisors in 20 firms within a 20 mile radius of Minneapolis that work with seniors needing estate and generational planning, retirement plan investment advice, retirement planning, and distribution rules explained.
The Better Business Bureau (BBB) for Minnesota and North Dakota is an excellent source of financial planning firms with ratings and reviews. Don’t forget about your family and friends as they may be able to recommend retirement planners they have used.
You can find more retirement resources at the Northeast Senior Services (formerly known as the North East Senior Citizen Resource Center). The center offers the following services: Transportation to appointments by volunteers Friendly weekly visits In-home respite care Overnight help after eye surgery Health and wellness checks Exercise programs Assistance with Social Security and Medicare issues
You can find the Northeast Senior Services at 2510 Cleveland Street NE, Suite 206 in Minneapolis. You can reach the office at (612)781-5096.
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