Having enough money to retire is important to live the retired life you want. However, do you know how much is enough? Transamerica Center found in a recent survey of 4,500 US workers that half of those surveyed guessed at how much they need for retirement. Having the help of a professional financial planner is crucial to help you find the answer to how much you need and to help you get there. There are several financial planners in Seattle that can help you reach your retirement goals.
There is more to retirement planning than savings. According to the Certified Financial Planner Board of Standards, it’s important to consider other factors of your retirement including health care, long-term care, planning for the distribution of your estate, post-retirement income.
You need to understand the money and savings accounts that will be available to you during the time of your retirement years such as Social Security and Medicare. For example, you are eligible for full Social Security benefits at age 66. However, waiting to receive these benefits increases your monthly payout. Waiting until you turn 67, your payout will increase to 108 percent. At age 70, you will get 132 percent. However, past 70, your monthly benefits will stop rising if you continue to delay.
A financial planner can also help you minimize taxes taken out from your accounts when you withdraw money. When you need funds from your accounts, you need to know the best order to reduce taxes. A retirement planner will work with you and help you manage your accounts to save you as much money as possible.
According to the U.S Bureau of Labor Statistics, approximately 20 percent of Americans over the age of 65 are still working. If you choose to work past age 65, you can continue to grow your retirement accounts and bring in additional monthly income. However, there are factors you need to consider that can affect your retirement income including Medicare enrollment, impact on Social Security, and minimum withdrawals from accounts. Retirement planners can help you avoid certain penalties by giving you direction on the best way to grow your retirement as you work.
There are plenty of Certified Financial Planners (CFPs) in Seattle. However, you should focus your search on a specialized retirement planning. Ask your friends and co-workers for local referrals. You can use other search tools to help you find the right professional.
You can search the CFP Board of Standards database by zip codes to find a CFP near you. There is an option to enhance your search and focus on retirement planners by using the “refine your search” menu. You can also review minimum investment requirements, payment plans, and concentrations of each CFP.
The Northwest Better Business Bureau (BBB) is a great source to search for financial planners. You can review any complaints, search for BBB-accredited businesses, and view ratings.
The Mayor’s Office for Senior Citizens provides programs and referrals for seniors. They offer information on other factors you should consider during retirement, including:
Employment Center for ages 55+
For more details, visit the Mayor’s website or call 206.386.1001.
Find assisted living in Seattle near you.