Many seniors know they need to plan for their retirement so they don’t have to worry about anything but most don’t even know where to begin. In a Transamerica survey, over 4,000 workers were asked about their retirement plans and about 59% said they were fairly confident they would be able to retire comfortably. But the typical worker only saves about 8% of their salary for retirement and that is a lot less than most people need to live comfortably. If you’re concerned about your retirement funds you might want to look into getting a retirement planner to help ensure you have the funds you need long after you retire from your job and Orlando has some great resources.
Retirement planning doesn’t just involve saving money to live your regular life, you need to take into account a few different factors as you plan your finances. The Certified Financial Planner Board of Standards that you cover areas like estate planning, health care plans, long-term care options, and income after you have retired.
Perhaps one of the more complex areas is your income once you have retired. Many people understand that they can start getting their Social Security benefits at 66 and if they choose to go this route they will get 100% of their monthly benefits. But most seniors don’t realize that if they can hold off on collecting their benefits, their monthly income will continue to increase. For example, if you wait one year, until you’re 67, to get your benefits they increase to 108%. And if you can hold off until 70, then it increases to 132%.
Another thing to consider is your various savings or retirement accounts. If you withdraw money from them in a certain order, you might be able to lower your tax payments and collect more money from those accounts. Here is where having a good retirement planner will come in handy because they will be able to look at all these accounts and advise you on when and how to use them to protect your nest egg.
Finally, you need to consider when you’re going to retire. You could retire right away at 65, delay it a few years, or even keep working part-time after you leave your full-time job. It will all depend on your options and situation so have your retirement planner help you find the best solution. And if you do continue work you’ll be in good company, about 17% of employed adults in Florida are 65 and older.
Orlando has a large selection of Certified Financial Planners (CFP) and many of them specialize in retirement planning. To start your search, you should ask friends and coworkers if they have any referrals and meet with your employer to see if they have teamed up with any local financial advisors in the area. You can also use a few different resources to find your planner.
The Certified Financial Planner Board of Standards has a search tool on their website where you can find local financial advisors. Just enter in retirement planner in the advanced search box to make sure you find an advisor that can handle your needs.
If you want to search online for more financial planners including retirement planners, wealth management, tax planning, estate planning, and more you can look at the National Association of Financial Planners to find dozens of local groups. The BBB of Central Florida read reviews to see how other residents have liked their services.
The Mid-Size Retirement & Healthcare group is a partner with University Conference Services and while their office is based out of North Carolina, they have a large online resource center to help plan your retirement. You can find online webinars, retirement planning management, benefits research and surveys, and plenty more. They also hold an annual conference that features speakers and workshops to help you get the most out of your retirement planning. You can find out more information by visiting their website or calling (800) 864-2063.
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