Planning for your retirement might seem a bit daunting but it is absolutely necessary to ensure you can enjoy your time away from work instead of scrimping and saving after the fact. If you haven’t really thought much about your retirement you aren’t the only US worker to do so. In 2015, a Transamerica survey showed that while 58% of workers had a retirement strategy only 14% had written it down and 44% didn’t have a plan at all. This is where a retirement planner can come in handy because they can help you create a strategy to get the most from your retirement.
Retirement planning involves a few different topics but the Certified Financial Planner Board of Standards suggests that you focus on a few key areas as you begin. Estate planning, long-term care options, health care, and income after you retire are some of the big ones to plan for.
You might be nervous that you won’t have an income after you retire but if you plan well you will have enough income to live comfortably during your retirement. One way to do this is collect your Social Security benefits which you can start collecting by age 66 but it might be smarter to wait. If you defer collecting on your benefits you will end up making more money. For example, if you wait until 67 you could collect 108% of your benefits and by age 70 that number could increase to the maximum of 132%.
You need to use your money wisely as well in order to save the most amount. If you have various savings accounts or retirement funds you want to use them in the right order so you can get a tax break and more money in the long run. A good financial planner will be able to help you create a plan that utilizes this strategy.
Your retirement age is also important to consider because it could help out your finances. Depending on your situation you might be able to retire at 65 or it could be better to wait a few years. More seniors are actually deciding to keep working even after they retire from their full-time job. In fact, California has 4.6% of the workforce at 65 or older.
It isn’t too hard to find a CFP, but you want to make sure they specialize in retirement planning and will help you with your situation. You can find suggestions from your coworkers or family members or even see if your company offers planning services through your job. There are also a few other ways to find a planner which include:
The CFP Board of Standards has a search tool that allows you to find financial planners in your area. Once you’ve entered your location make sure you search only for retirement planners.
The National Association of Personal Financial Advisors also has a search tool and you can search their network of planners and find ones that are near you. Refine your search to retirement services.
The Better Business Bureau of San Francisco has a large list of retirement planning services and you can find the best business for you by reading user reviews.
You can find even more retirement planning services through the Consumer Financial Protection Bureau. This government run group offers educational courses, free resources, and brochures that can help you learn all about retirement planning. They also have a webinar archive that contains all their previous webinar sessions, one of which is all about planning for retirement.
Find assisted living in San Francisco near you.