Almost half of Americans (42 percent) have never calculated their retirement income, according to a 2011 study conducted by the Employee Benefit Research Institute. More American seniors are living 17 to 20 more years after the average retirement age of 65. Whether you are 15 years from retirement, or you are retired, now is the time to use the services of a retirement planner.
You will want to search for a Certified Financial Planner or Advisor to help you navigate estate planning, long-term care insurance, health care, medical expenses, investments, and other retirement accounts. It is suggested that you plan your retirement income to last 30 years so you will not outlive your funds.
A retirement planner can help you follow Social Security guidelines and avoid tax penalties. You must begin withdrawing at least the minimum from your retirement accounts by age 70 ½, even if you are still working, to avoid a 50 percent tax penalty. A financial planner can keep you on track and make sure your chosen investments and accounts will bring you a higher return. You may have retirement accounts at past employers that you have never rolled over or cashed out that can be used in the future.
The National Association of Personal Financial Advisors (NAPFA) hosts a database you can use to find retirement planners in Portland. Simply do an advanced search and input your location and the specializations you need: estate planning, generational planning, retirement investments, and retirement planning and/or distribution rules. The search results will show you fee only retirement planners within a 160 mile radius of Portland. Currently, there are 24 advisors in 19 firms listed.
If you would prefer to choose your compensation option, you can use the database found at the CFP (Certified Financial Planners) Board of Standards. You can choose fee only, commission only, or a combination of both. You can also narrow your search further by choosing your investable assets, specialization, and language.
The Better Business Bureau (BBB) for the Northwest provides ratings and reviews for local retirement planners. You can also see if the firm holds a BBB accreditation and any open or resolved complaints. Your friends and family may have referrals you can use in finding a CFP in your area.
The Aging, Disability, and Veterans Services Division of Multnomah County serve seniors age 60 and older to locate retirement, government, and senior resources in the area. The agency can assist with:
Food stamps enrollment
Senior abuse awareness
Senior center coordination
Fraud and scam prevention
The agency can direct you to local senior centers that can assist you with legal aid counseling, health education, and other activities. There are six branch offices throughout Multnomah County. The central office is located at 421 SW Oak Street, Suite 510 in Portland. You can call the business line at (503)988-3620 to learn more or call the hotline in case of an emergency 24/7 at (503)988-3646.
Find assisted living in Portland near you.