Have you left your retirement planning to the last minute? Don’t worry just yet, you aren’t the only worker to do so. Transamerica conducted a survey in 2015 on over 4,000 workers and they found that while 59% felt confident they could retire comfortably, 53% also said that they were just guessing at how much they needed to save. One way to take the guesswork, and stress, out of your planning is to use the expertise of a retirement planner as well as tap into a few of the resources Nashville has to offer.
Many people don’t want to think about planning for their retirement because it involves too many variables and that is true. The Certified Financial Planner Board of Standards recommends you take into consideration things like long-term care options, health care costs, estate planning, and your income once you leave your job.
Post-retirement income is on the top of most people’s lists because they want to make sure their daily needs are met. Social Security benefits can help with this and while you could start collecting as early as age 66 it might be even better to wait a few years. Why? Because if you wait even one year you can collect 108% of your monthly benefits instead of 100% and if you wait until 70, that number shoots up to 132%.
One other way to save more money once you retire is to use your accounts wisely. If you have money in a few different accounts like savings or retirement, the order which you use that money could help you save on taxes. Here is where a good retirement planner will come in handy because they can look at your accounts and give you a plan on the best time to use them.
Finally, consider the age when you retire. You might be able to retire at 65 but it could be better for your situation and finances to wait a few years. You could also decide to work part-time instead of full-time and you wouldn’t be alone in your choice. Over 150,000 workers in the state of Tennessee are 65 or older.
So where should you start your search? Ask your coworkers and friends if they have any suggestions and talk to your employer to see if they have any retirement planning services or packages offered through your job. There are plenty of Certified Financial Planners in Nashville and you can find them using some of these websites.
The National Association of Financial Planners lets you look through their network of CFPs and find a retirement planner that is in your city.
The Certified Financial Planner Board of Standards also has a search tool and once you enter your location you can refine your search by adding retirement planner.
The BBB of Middle Tennessee and Southern Kentucky is another good site not only because you can see local businesses but you can also read their reports and reviews to find top-rated companies.
If you’re a state employee, work in higher education, teach in a public school, or are part of a political subdivision that has opted into a state retirement plan you can visit the website for Tennessee Consolidated Retirement System. You can get step by step guidance on how to prepare for your retirement, find the right forms you need to fill out, and use their benefits calculator to determine your needs.
You can also visit websites like AARP- Tennessee for local events and workshops dealing with retirement or My Retirement Paycheck to learn more about retirement plans and what you can do with your funds.
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