While you might have thought about your retirement for a long time, have you been planning for it? If the answer is no, you’re not the only one. In a survey of over 4,000 US workers, 44% they had absolutely no plan or strategy while only 14% had a plan written down. Also, many workers said they were just guessing as to how much money they needed to save. If you want to avoid a stressful retirement you might want to use a retirement planner. These professionals can make sure you’re covered financially so you can fully enjoy your retirement years.
While you plan for your retirement, you’re going to find there are a lot of things that pop up. You want to make sure you focus on the key issues which the Certified Financial Planner Board of Standards lists as estate planning, long-term care options, health care, and your income after you retire.
You probably want to make sure you have a secure plan for your income after you retire because this is what is going to help you with your daily expenses. Social Security benefits are one way to get money after you retire and at the age of 66 you can start collecting 100% of your benefits. It can be to your advantage to wait to collect though because delaying your payments even a year allows you to collect more on your benefits. By age 70, the oldest you can wait to collect, you can get 132%.
It’s also a good idea to make sure you use your money in the right order so you can save more money. If you have multiple accounts like savings are retirement, there is a certain order you can withdraw money to save on taxes. If you use a planner they should be able to look over your accounts and create a strategy to use your money in the right order.
Finally, you’re going to want to consider the age at which you retire. This can help your financial situation and it will be different for each senior. Some can retire right away while others will find it better to retire a little later or even keep working. This is a growing trend and in Florida, there are over 480,000 workers that are 65 and older.
There are many Certified Financial Planners (CFPs) in Sarasota, but you want to make sure you find the right one for you. Start by only looking for those that specialize in retirement services and then talk to coworkers or friends who may have some suggestions. You can also take your search online:
The National Association of Personal Financial Advisors has a network of all different types of planners. You can search based on location and need by refining your search to retirement planners.
The CFP Board of Standards also allows you to search CFPs in your area just make sure to refine it to retirement services.
The Better Business Bureau of Sarasota is also a good place to look because you can find top agencies based on user reviews and business reports.
The Florida Department of Financial Services has a program called On Guard for Seniors. This program helps seniors learn about their finances and plan for retirement while also making sure they know how to protect their money from identity theft and scams. They also have links to educational resources like Retirement Planning 101 and other agencies that can help with your retirement needs. If you would like more information you can call the Consumer Helpline at 877-693-5236.
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