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Tulsa Retirement Planning

Having enough funds to retire comfortably can be hard to plan. However, half of Americans surveyed by Transamerica took a guess at how much money they need to retire. Most Americans feel that they need $1 or $2 million in assets to retire. However, the median account holds around $63,000. A certified professional planner will help you determine what you need and help you get there.

Important factors in retirement planning

When you look at retirement planning, you need to look at the big picture and not just saving money. The Certified Financial Planner Board of Standards recommends considering other components of retirement including post-retirement income, estate planning, and long-term health care.

Using a financial professional will help you increase your benefits received and find the right time to receive your government benefits. For example, people born between 1943 and 1954 can get full Social Security benefits at age 66. However, if they delay receiving benefits, they will get more payout each month. At age 67, they will be eligible for 108 percent of the monthly payout, and at 70, they will be eligible for 132 percent of the benefit. A financial planner can help you decide the right time to start receiving your benefits.

Taxes play a large part in your retirement income. When you need money saved in your retirement accounts, you will pay tax when you withdraw. By getting money in a particular order, you can save money on taxes. Financial planners are familiar with these regulations and can help you keep as much of your nest egg as possible.

Working past 65 is a growing trend. The U.S. Bureau of Labor Statistics reports almost 20 percent of Americans aged 65 or older are still employed. Even though you can continue to grow your retirement accounts, there are some things you need to consider. For example, you will need to apply for Medicare in time to avoid rate increases. A retirement planner can sit down with you and help you decide if you should continue to work and for how long.

How to find a financial planner in Tulsa

One of the best ways to start any search for service is to ask around for a referral from your friends, neighbors, and co-workers. There are several Certified Financial Planners (CFPs) in the Tulsa area. Numerous websites provide search tools to help you find a nearby CFP.

The CFP Board of Standards database offers a search directory by entering your zip code. The advanced search function allows you to focus on planners with expertise in retirement planning. You can also view how these professionals' compensation plans work and if he/she has any investment amount requirements.

Find Better Business Bureau (BBB)-accredited businesses on the Eastern Oklahoma BBB website. You can also see the BBB rating.

More help

The Tulsa Area Agency on Aging offers various programs for seniors to assist them with daily life. These programs address various areas of life and include:

Information and assistance

Legal information

Senior insurance counseling

Health seminars

To learn more about these programs or additional services available, call the Senior Info-Line at 1.800.211.2116.

Learn more about Tulsa Retirement Planning here:

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