Retiring involves so much more than leaving your job once you reach a certain age and it requires a certain level of planning. Unfortunately, not many seniors fully understand every aspect of retirement planning and in a Transamerica survey that questioned over 4,000 workers, a little over half felt confident that they would be able to retire comfortably and most of the workers admitted they didn’t know exactly where to start when it came to planning. Retirement planners are financial advisors that can help you plan every aspect of your retirement and Pittsburgh has some great tools to help as well.
One of the biggest problems facing most seniors when it comes to retirement planning is that it can get a little complicated. In fact, the Certified Financial Planner Board of Standards suggests that you keep a number of topics in mind as you start your planning including health care costs, long-term care plans, estate planning, and post-retirement income.
Your income after you retire can be a little tricky, but there are a few ways to make sure that you get the money you need to take care of your daily costs. At age 66 you can start collecting your Social Security benefits and at this point you will get 100% of your monthly benefits. But what many seniors aren’t aware of is that if you can delay your benefits you could earn more. For example, waiting just one year will increase your monthly benefits to 108% while waiting for the maximum amount of time or until you’re 70 you can increase your monthly benefits to 132%.
You might also have various accounts for your money once you retire, like a savings account or a retirement fund. If you’re smart about withdrawing from these accounts, you can lower the amount of taxes you pay and save money. A good retirement planner will look at all of your accounts and help you come up with a plan to use them properly.
The age at which you retire is something else you need to consider. A retirement planner can help you figure out if retiring at 65 is better or if you should delay your retirement a few years. You may even decide to keep working part-time rather than full-time and you wouldn’t be the only one. In Pennsylvania, there are over 300,000 workers that are 65+.
There are Certified Financial Planners (CFP) all throughout Pennsylvania and Pittsburgh and you can talk to your friends and coworkers to see if they have any recommendations. Sometimes, your employer might have a retirement deal with a local financial group and you can use them through your job benefits. You can also use a few of these tools to find a CFP.
The BBB of Western Pennsylvania is good for people who would like to do a little research on their financial advisors. You can read business reports and look at user reviews to learn more about each business.
The Certified Financial Planner Board of Standards has a search tool on their website and once you enter in your location you can further refine the search to retirement planners.
Another website that allows you to search local financial planners is the National Association of Financial Planners. Once you enter in your location you can narrow your search to retirement services and lower the distance from your neighborhood.
If you’re interested in more online tools to help you learn about your retirement and start your planning, you can visit Choose To Save. This website will help you estimate how much money you need to save, learn about your 401(k), and take a quiz to figure out which type of retirement plan might be best for you. There are also links to additional retirement resources and different calculators to help you decide how much to save.
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