Retiring is a dream for most people. Do you know how much money you need? Half of Americans surveyed by Transamerica don’t know and have just guessed how much they need. Most Americans surveyed felt that the magic number for retiring was $1 or $2 million in assets. However, the median retirement account is about $63,000. A certified professional planner can help you determine your retirement amount and get you there.
There is more to retirement planning than saving money. The Certified Financial Planner Board of Standards suggests individuals think about other factors of retirement including post-retirement income, estate planning, and long-term health care.
A financial planner will help you determine the best time for you to start receiving your benefits. For example, when should you start receiving your Social Security benefits? People born between 1943 and 1954 can get full Social Security benefits at age 66. If they delay receiving benefits, they will get more payout each month. At age 67, they will be eligible for 108 percent of the monthly payout, and at 70, they will be eligible for 132 percent of the benefit.
When you need money from retirement accounts, you will be required to pay taxes when you withdraw. By following a particular order, you can save money on taxes. Financial planners will help you keep as much of your nest egg as possible and recommend a strategy to help you save wisely.
Working past 65 is becoming more common in the U.S. A recent report by the U.S. Bureau of Labor Statistics stated that approximately 20 percent of Americans are still working past the age of 65. Even though you can continue to grow your retirement accounts, there are other factors you need to consider that can affect your retirement such as applying for Medicare in time to avoid a rate increase. Having a financial planner will help you avoid common mistakes, and you will have a plan to follow.
You can start your service by asking your friends, neighbors, and co-workers for a referral. There are several Certified Financial Planners (CFPs) in New Orleans. Also, you can search several websites to find a nearby CFP.
The CFP Board of Standards database has a function to search by zip codes. The advanced search function allows you to sort planners by specialties. You can also view each professional’s compensation plan and if he/she has any minimum investment requirements.
Another great resource is the Southeast Louisiana Better Business Bureau (BBB) to find accredited businesses. You can also view ratings and see if there are any open complaints.
The New Orleans Council on Agency offers various services and programs to local seniors. These programs include services that can enhance your retirement including:
Power to Care
Medicare referrals and information
AARP driver safety classes
Senior Resource Guide
This Agency can be your first stop for local information. To learn more about services, call 504.821.4121.
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