When you think about your retirement, you probably imagine all of the fun things you will get to do and time you will get to relax with your loved ones but unless you have spent time planning for your retirement you might not get to enjoy it the way you want. In a survey done by Transamerica on over 4,000 US workers, they found that while 58% of the workers said they had some form of plan for their retirement only 14% had a written plan or strategy and 44% have no plan at all. A retirement planner can help with all of your planning needs and make sure that your future is secure and enjoyable.
Retirement planning might seem daunting because it can involve a lot of different areas and you need to make sure all of your bases but the Certified Financial Planner Board of Standards suggests that you focus on some key topics like estate planning, health care, long-term care options, and post-retirement income.
Post-retirement income often takes most of the focus as you plan your retirement because while you’re no longer working you want to make sure you still have money to take care of your daily costs. A lot of seniors will use Social Security benefits as their source of income and you can start collecting at age 66 but if you want to make more money, you should wait. By simply waiting just one year you can collect 108% of your benefits instead of 100% and if you wait until age 70, the longest you can hold off, you could collect 132%.
You can also utilize your saved money in a smart way to save even more money. The money you have in savings accounts or retirement funds can be used in a certain order that will end up saving you money in taxes. This is another good reason to use a planner because they can take a look at your accounts and let you know the best time to use your money.
Retirement age also has an impact on your income level after you leave your job. Depending on your own situation it might be a better idea to keep working a little longer than 65, the typical retirement age. There is also a growing number of people that are continuing to work once they retire from their full-time job and in California there are over 760,000 workers that are 65 and older.
In order to find the right Certified Financial Planner for your needs, you want to make sure that you choose a planner that specializes in retirement services. It’s also a good idea to get referrals from friends and coworkers as well as talk with your company to see if they have their own retirement planning services you can use. Online, you can search a few different places for planners:
The Better Business Bureau of Riverside is a great place to look for agencies that offer retirement planning because not only can you read business reports but you can also check out user reviews.
The National Association of Personal Financial Advisors has their own network of planners you can search based on your location. Just make sure you refine your search to see those that offer retirement services.
The CFP Board of Standards has another search tool you can use to find CFPs in your city. After you enter your location make sure you look only for retirement services.
TriCord Advisors is a local advising firm, but they also have free online resources to help you learn about retirement planning and start creating your own plan. You can:
Use their calculators to create budgets and learn how much you should save
Find any financial term you come across in their glossary
Read their online magazines and articles to learn about retirement planning
Watch video seminars on retirement
The Department of Human Affairs in California also has a Senior Scam Stopper Seminar that helps educate seniors on how to avoid scams and identity theft to protect their money in retirement.
Find assisted living in Riverside near you.