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Oakland Retirement Planning

Having enough funds to retire is crucial to living the lifestyle you want. Do you know how much you need? Half of Americans surveyed by Transamerica merely guessed at how much they will need to retire. In the same study, participants said they felt they need $1 or $2 million in assets to retire. However, the median account holds around $63,000. A certified professional planner can help you reach your goal and help you calculate how much you truly need.

All the parts of retirement planning

When you think of retirement planning, you most likely think only about saving money. There is more to consider. The Certified Financial Planner Board of Standards suggests planning for additional items including estate planning, post-retirement income, long-term health care, estate planning, and health insurance. These things can ultimately affect your retirement savings.

Using a financial professional will help you manage your benefits received by determining the right time to start receiving your Social Security benefits. People born between 1943 and 1954 can get full Social Security benefits beginning at age 66, and this number increases by delaying retirement a few years. 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.

Taxes also impact retirement savings. When you need money from your retirement accounts, you will pay tax when you withdraw. By getting money in a particular order, you can reduce the amount of taxes. Financial planners can help you plan the best strategy to save the most money.

You may notice that working past age 65 is becoming more common. The U.S. Bureau of Labor Statistics reports roughly 20 percent of Americans over the age of 65 still work. If you continue to work, you need to take into account some possible downfalls such as applying for Medicare at the appropriate time to prevent a rate increase. A retirement planning professional will work with you to decide if you should work and for how long when you create your retirement plan and goals.

Tools to search for a financial planner

You can find numerous Certified Financial Planners (CFPs) in the Oakland area. Ask for recommendations from your friends, neighbors, or co-workers. You can visit various websites to search for area professionals.

Using the CFP Board of Standards database, you can search by your zip code to find local CFPs. You can also search by specialties of each planner, and find a professional that concentrates in retirement planning. You can also review each CFP’s compensation plan and minimum investment requirements.

Another great resource is the Northern Coastal California Better Business Bureau (BBB). On this website, you can search BBB-accredited businesses, find ratings, and read reviews or complaints by consumers.

Additional resources for California seniors

The California Department of Aging provides seniors with programs and services that will help with retired life including:

Disease promotion and other health promotions

Health insurance counseling

Legal aid

Long-term care

Employment programs

For more details, call the main office at 916.419.7500 or call the Alameda County office for local programs at 510.577.1900.

Learn more about Oakland Retirement Planning here:

How Much Does It Cost to Retire in Oakland, CA?

What's the Cost of Living in Oakland, CA?

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