If you feel overwhelmed and frustrated with the process of planning your retirement, you aren’t the only one. A 2015 survey conducted by Transamerica on 4,550 workers showed that about 53% guessed at what they should be saving for retirement and most of them admitted they could learn more about what goes into planning their retirement. To help you with all of these issues, you might want to consider using a retirement planner. These financial advisors, along with the resources here in Phoenix, can help you plan your retirement wisely.
Planning your retirement is so much more than just making sure you have enough money for each day. You need to think about multiple things like health care costs, long-term care options, and estate planning. These are just a few topics the Certified Financial Planner Board of Standards recommends you cover in your plan.
The biggest topic most people focus on is their income post-retirement. Seniors often rely on Social Security benefits once they kick in at age 66 but there is one big way to get even more money from your benefits. Wait. By waiting just one year you could be getting 108% of your monthly benefits instead of 100%. Wait even longer until the age of 70 and you can get 132% of your monthly benefits.
You can also save money by withdrawing from your accounts in a smart way. If you have various savings and retirement accounts, the order you withdraw your money can help lower your taxes essentially saving you more money. If you have a retirement planner, they will help you figure out a strategy to use your money in the right order and at the right time.
Your age at retirement might also factor into your income after you leave your job. Your planner might suggest retiring at the age of 65 or they might think it’s beneficial to wait for a few years. They could even want you to work part-time once you leave your full-time job and you wouldn’t be the only senior to do this. More seniors are staying at some type of job past retirement age and in Arizona, 4.4% of the workforce is 65+.
There are Certified Financial Planners all over Arizona and Phoenix and a referral from a friend or coworker can help you get started with your search. Don’t forget to ask your employer if they offer any planning services or have resources through a local group. You can also search on your own with a few of these websites.
The Certified Financial Planner Board of Standards has a local search tool and once you enter your location you can change your search to locate only retirement planners in your neighborhood.
The BBB of Central, Northern, and Western Arizona lists local business along with their business reports and user reviews so you can learn about each company.
Through the National Association of Financial Planners not only can you find a retirement planner but dozens of other financial advisors through their search tool. Just make sure to narrow your search to retirement planner after you enter your location.
AARP Phoenix has a website with various tools and resources so you can start planning your retirement. You can find articles and numerous calculators for things like:
Social security benefits
Health care costs
You can also get a free retirement consultation through Senior Lifestyle Solutions located in Phoenix, Arizona. Call 602-375-2400 to get more information.
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