Whether you are looking for a retirement planner, legal and financial services, or a place to network with other seniors, Philadelphia offers a large variety of resources. The life expectancy for American seniors has increased to an average between 82 and 85 years old. It is critical that you prepare for retirement as early as possible.
Retirement is not the only concern past age 65. You should also consider estate planning, long-term care planning, health care and medical, and eldercare. A retirement planner can assist you in making the right investments to yield a higher return as well as explain confusing Social Security rules.
As you age and get closer to Social Security eligibility, keep in mind that the longer you wait to begin withdrawing funds, the higher your benefit will increase. Just make sure you begin withdrawing by the age of 70 ½ to avoid tax penalties. You can begin withdrawing benefits at age 62, but waiting until 66 or older will net you more money each month.
Philadelphia is teeming with financial planners. You should look for a Certified Financial Planner (CFP) or Advisor that specializes in retirement planning and other senior topics like estate planning. Your family and friends may have recommendations for you, however you can also read the ratings and reviews at the Better Business Bureau.
You can also access the National Association of Personal Financial Advisors (NAPFA) database for free. You can use the advanced search feature to narrow your search criteria to include only those advisors that specialize in estate and generational planning, retirement plan investments, retirement planning, and distribution rules. The NAPFA database shows 24 advisors in 17 firms within in a 30 mile radius of Philadelphia as of 2016.
The CFP Board of Standards presents a database with even more advanced search options. These include selecting your investable assets, compensation options, language options (out of 24 languages), and specialty like retirement planning and eldercare.
You can find more retirement and senior resources at the Philadelphia Corporation for Aging (PCA). The following is a list of services that PCA can direct you to:
Adult day services Advocacy and benefits services Legal and financial services Emergency resources Food and meal resources Health care resources Housing options and assistance Care at home services Transportation Utility assistance
You can find the PCA office at the Wallace Building at 642 N. Broad Street in Philadelphia or call (215)765-9000.
The Philadelphia Senior Citizens Resource Center offer additional programs and services:
Counseling Personal computer trainings Health and wellness experts Housing experts Utilities assistance Day activities Education Healthy living workshops
You can visit the center at the Philadelphia Business and Technology Center at 5070 Parkside Avenue, Suite 2101 in Philadelphia. The center is open Monday through Thursday from 1PM until 7PM and on Saturdays by appointment only.
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