Planning for retirement might not seem like much fun but it is important to come up with a strategy or a plan so that your retirement years can be spent relaxing. In a Transamerica survey of over 4,000 US workers a little over half believed that they would have enough money to be comfortable during retirement but many admitted that they were just guessing at how much they should save. If you use a retirement planner you won’t have to guess at how much to save and you can create a plan that will make sure you can live comfortably.
You want to make sure you cover all of your bases when you start to plan for retirement and in order to do so, the Certified Financial Planner Board of Standards recommends that you focus on a few key areas like long-term care options, health care, estate planning, and post-retirement income.
Your post-retirement income might be one of the areas that you’re most nervous about because you want to make sure you have enough money to cover your daily needs. Social Security benefits are one of the main ways that seniors will cover their costs and at age 66 you can start collecting your benefits, although it might be smarter to wait. If you wait one year you could collect 108% of your benefits and if you wait the maximum amount of time, age 70, you could collect 132%.
It’s also a good idea to consider how you want to use the money you have saved up because it could impact the amount of money you have. If you use your various savings accounts and retirement funds in a certain order you could end up getting a tax break and keeping more money. A smart financial planner will know this and create a plan with you to make the most of your saved money.
The age at which you retire is also a factor in the amount of money you get after retirement. Most seniors want to retire around 65 but it could be a better idea to wait a few years before you retire. It’s becoming more popular for seniors to actually keep working part-time once they retire from full-time work. In New York, there are over 430,000 workers that are 65 or older.
While there are plenty of Certified Financial Planners in Rochester, you want to make sure you find a planner that specializes in retirement services. Your coworkers or friends can give you some suggestions or you could talk with your boss and see if there are any retirement planning services available through your job. You can also:
Check the Better Business Bureau of Rochester. You can find agencies near you and read user reviews so you can find one that is highly rated by consumers.
Search the National Association of Personal Financial Advisors. They have a network of planners and you can search retirement planners in and near your city.
Use the CFP Board of Standards. The CFP also has a search tool and you can look for retirement planners in your city.
The Office of the New York State Comptroller has a very detailed outline of what you need to do for retirement planning. They also have links to retirement calculators, budget worksheets, and forms or documents you might need. They also link to other helpful websites that have retirement resources like Choose To Save and Kiplinger.
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