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Oklahoma City Retirement Planning

Your retirement years shouldn’t be full of stress and worry but if you haven’t planned properly they just might be. In fact, most Americans haven’t really thought about their retirement plans and in 2015 a Transamerica survey showed that out of 4,550 workers about 53% guessed at how much they should be saving for their retirement. The good news is you don’t have to guess about any of your retirement plans if you use the expertise of a retirement planner as well as the various resources here in Oklahoma City.

Key Retirement Topics

The Certified Financial Planner Board of Standards suggests that you keep topics like estate planning, health care costs, long-term care options, and post-income retirement in mind as you start your planning. Luckily, if all these topics seem a little overwhelming, a retirement planner could help.

Of all the key topics mentioned above, income after you retire is probably towards the top of your list. You want to make sure you are able to cover your daily needs and Social Security benefits is what you will most likely use. At 66, you can start collecting your benefits at 100% of your monthly benefit but if you want to get more money you should wait. Waiting just one year until 67 could allow you to collect 108% of your monthly benefit and if you wait for the maximum amount of time (age 70), you could collect 132%.

If you have been saving money for your retirement and keeping it in savings or retirement accounts, you could earn more money if you use these accounts wisely. Withdrawing money in a certain order allows you to take a little bit of a tax break on these accounts and a good retirement planner can help you figure this out. They will let you know when is the best time to use your money to save your nest egg.

You can also affect your income post-retirement based on the age you retire. Your retirement planner might suggest you retire at 65 or they might think it’s a better idea to wait a few years. You might even decide it’s best to go to part-time work instead of fully retiring. This decision is becoming more popular and about 7% of the Oklahoma workforce is 65 or older.

Finding The Right Financial Advisor In Oklahoma City

You should talk to your friends and coworkers to see if they have any suggestions for good Certified Financial Planners in your area. Your boss might also be a good resource and you may be able to get planning services through your job. You can also search online for CFPs in your area.

The National Association of Financial Planners is a network of CFPs and through their website, you can search for local retirement planners. After you enter your location, check all the boxes applying to retirement planning.

The Certified Financial Planner Board of Standards has a similar search tool which will allow you to locate retirement planners in your area.

The BBB of Central Oklahoma lists businesses with retirement planning services and you can also read user reviews and find business reports to find the top-rated businesses in your area.

More Retirement Resources

Through AARP Oklahoma you can find articles and events about retirement planning. There are local workshops and educational tools that will allow you to learn more about your retirement and start planning right away.

You can also visit My Retirement Paycheck to gain access to free resources that will help you plan your retirement. This includes things like:

How to use your retirement plan

Payment options

Defined benefit and contribution plans

They also have links to other helpful websites like the U.S. Department of Labor.

Learn more about Oklahoma City Retirement Planning here:

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