You probably agree that retirement planning is crucial. Do you know how much money you need to retire comfortably? Half of Americans surveyed by Transamerica said they don’t how much they need. Some of the participants of this study guessed $1 to $2 million in assets, but accounts of these individuals were not close to this number. A financial planner can help you calculate what you need and develop a plan to maximize your retirement benefits.
Retirement planning is not just saving money in your accounts. The Certified Financial Planner Board of Standards recommends planning for other factors including health care, estate planning, long-term care for illnesses, and your sources of income after retiring.
You are eligible for Social Security benefits at age 66. If you delay benefits, your payout increases from your 100 percent payout. At 67, your payout increases to 108 percent, and at age 70, you are likely to get 132 percent. You are also eligible for Medicare at age 65, but insurance costs will increase if you delay enrolling.
A financial planner can help you lower taxes. When you withdraw funds from your accounts, you will have to pay taxes. Sometimes removing funds in a particular order can save you money. A retirement planner will help you keep as much of your savings as possible.
Almost 20 percent of Americans 65 and older are still working according to the U.S. Bureau of Labor Statistics. There are several reasons why people are choosing to work longer. If you do decide to work past age 65, you can see benefits such as the continued growth of your retirement accounts. However, there may be pitfalls to consider such as signing up for Medicare in time to avoid increased rates. A retirement planner can help you develop a plan and see if working part-time or continuing your current job is the best option for you.
There are many Certified Financial Planners (CFPs) in the Saint Paul area. You can begin your search by asking for recommendations from coworkers, friends, or any other acquaintances. There are also websites that provide search tools to locate area CFPs.
The CFP Board of Standards database allows you to begin your search by entering your zip code. You can find a planner that concentrates in retirement planning by refining your search on the side navigation bar. You can also select the value of your assets because CFPs have minimum investment requirements. You can also view each professional’s compensation plan.
The Minnesota Better Business Bureau (BBB) gives you the option to search for BBB-accredited businesses. You can also read reviews and complaints.
Minnesota offers MinnesotaHelp.info to connect seniors and other residents with area programs including:
Financial information lines
You can chat with specialists online or call the Senior LinkAge Line at 800.333.2433.
Find assisted living in Saint Paul near you.