Just like you have a budget and a plan for your money while you’re working, you need to have the same as you enter retirement. You might have start saving early in your career or maybe you’re worried that you aren’t saving enough and you wouldn’t be the only one. In 2015, Transamerica conducted a survey of over 4,000 US workers and found that the majority were just guessing how much money they needed to save for their retirement. A retirement planner can help you with all of these issues and there are plenty to choose from here in Raleigh.
When you start planning your retirement you might be surprised at how many things you need to cover. The Certified Financial Planner Board of Standards recommends that you focus on a few key topics. This includes estate planning, health care, long-term care options, and your post-retirement income.
Post-retirement income is often the topic that many seniors spend the most time on because they want to make sure they have enough money to live comfortably. For a lot of seniors, they will rely on Social Security benefits once they reach 66 but what they might not know is if they can wait to start collecting they might make more money. If you wait until age 67 you could collect 108% of your benefits and by age 70 you could collect 132% which is the maximum amount.
Believe it or not, but the way in which you use the money in your accounts could also impact the amount of money you have after retirement. If you have various savings or retirement accounts you can use them in a certain order and save money on taxes. Your financial planner should be able to look at all of your accounts and create a plan that saves you money.
Your retirement age is also a factor in your post-retirement income and while you might think you have to retire at 65 there are a few other options. You could wait a few years and fully retire then or you could even keep working after you’ve retired from your full-time job. It all depends on your situation and more seniors are deciding to stay in the workforce longer. In North Carolina, there are over 200,000 seniors 65 and older working.
There are Certified Financial Planners (CFPs) all over Raleigh but you want to make sure you find one that specializes in retirement services. You could ask for referrals from your coworkers or even find out if your company offers their own retirement planning services. You could also use any one of these tools:
The Better Business Bureau of Raleigh gives you plenty of options to choose from when it comes to retirement services. You can choose the best by reading user reviews and business reports.
The National Association of Personal Financial Advisors has a network of their planners you can search for based on your needs (retirement services) and your location.
The CFP Board of Standards also has a search tool and once you enter your location you can refine your search to retirement planners.
You can also find some additional resources online to help with your retirement planning. Choose To Save is a great website full of helpful planning resources and calculators. You can find educational articles on retirement as well as plan out a budget that fits your needs.
AARP is also a good place to go because you can watch videos of webinars and workshops all about retirement planning and how to save money. They also have calculators that can figure out how much you need to save.
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