Retirement planning can be confusing and complex if you are trying to make sure you have enough to live on after age 65. Now it is advisable to prepare to live on retirement income for 30 years after age 65. A retirement planner can help you make that possible.
There is more to senior care planning than just retirement. Keep in mind you may need long-term care in the future as well as healthcare and medical expenses. A retirement planner can help you open retirement accounts and build a portfolio so that Social Security will not be the only income you are left with in the future.
According to the United States Department of Labor, Americans are living more than 20 years more after retirement. The average American male is living 17 more years after full retirement age while the average American female is living 20 more years. The Department recommends you plan for your retirement income to last 30 years so you will not have to worry about running out of funds.
If you take an early retirement at age 62, you will begin withdrawing a lower monthly amount than if you wait until age 66. If you were born between 1943 and 1954, you will receive full benefits at age 66. Even if you are still working, you should consider withdrawing from your retirement accounts by the age of 70 ½ to avoid hefty tax penalties of 50 percent.
While searching for a retirement planner in the St. Louis area, you will want a Certified Financial Planner (CFP) or Advisor that specializes in retirement topics like estate planning and investments. You can find dozens of CFPs through the CFP Board of Standards database. The database will allow you to narrow your search to include specific investable assets, language, and fee or commission only compensation.
The National Association of Personal Financial Advisors (NAPFA) is another database that allows you to customize your search to include advisors that specialize in client market services like retirement investments, retirement planning, and estate planning. The site shows 23 advisors in 16 firms within a 240 mile radius in St. Louis.
Referrals are a great way to find a retirement planner. Ask your family and friends about financial planners they may have used. The Better Business Bureau (BBB) is an excellent resource to find the rating and reviews for more than 20 firms in the St. Louis area.
The Mid-East Area Agency on Aging serves the Counties of St. Louis, St. Charles, Franklin, and Jefferson works to provide seniors with resources and services. You can find several senior centers just outside of the city within St. Louis County. The centers provide the Meals on Wheels program, educational events, recreational activities, exercise and sports, healthy living classes and workshops, and health screenings. The CHOICE program is a membership program that offers more workshops, including “Making Money Work For You,” a workshop about meeting financial goals, budgeting, saving, and investing. You can contact the Area Agency on Aging for St. Louis County at (636)207-1323.
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