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Virginia Beach Retirement Planning

Retirement planning is an essential part of life. Retirement can come quickly. Do you know how much money you need to save for a comfortable retired life? Half of Americans surveyed by Transamerica said they don’t know how much they needed but merely estimated without any proper calculations. A certified retirement planner can help you get what you need.

Many components of retirement

There is more to retirement planning than saving money. The Certified Financial Planner Board of Standards recommends considering additional factors that can affect your retirement such estate planning, post-retirement income, long-term health care, and health insurance.

You are also most likely eligible to receive full Social Security and Medicare benefits starting at ages 66 and 65 respectively. If you delay receiving Social Security benefits, your payout increases. At 67, your payout will increase to 108 percent of your monthly payout, and at age 70, your payout increases to 132 percent. However, Medicare costs increase if you delay applying past age 65.

Another important factor you will have to consider with retirement funds is taxes. When you need money from your accounts, you will most likely have to pay tax. You can save money by going through a certain order, which a retirement planner can help guide you.

Working past 65 is not as uncommon as it used to be. The U.S. Bureau of Labor Statistics reports that almost 20 percent of Americans over the age of 65 are still working. If you continue to work, there are some things you need to consider that can affect your retirement like applying for Medicare in time to prevent a rate increase. A retirement planning professional will work with you to decide if you should work and for how long when you create your retirement plan and goals.

How to search for a financial planner

You can find several Certified Financial Planners (CFPs) in Virginia Beach. You can begin your search by asking your friends, co-workers, or neighbors for referrals. Several websites provide search tools to help you find local professionals.

The CFP Board of Standards database offers a search function by using your zip code to find local CFPs. To narrow your search results to retirement planners, choose the “refine your search” section and choose a specialty. We recommend using a retirement planning specialist to maximize retirement benefits. You can also view all CFP’s minimum investment requirements, compensation plans, and specialty areas.

Another great resource is the Virginia Beach Better Business Bureau (BBB). This site will let you search for BBB-accredited businesses and view ratings and any complaints filed.

Additional information for Virginia Beach seniors

Senior Services of Southeastern Virginia offers programs and services to local seniors to help them live a fulfilling life. These services include programs that can aid your retirement planning including:

Medicare benefits counseling and seminars

Senior Advocate Ombudsman Program

Advanced care planning

Wellness classes and Wellness centers

To learn more about these programs and other services offered, you can call the main office at 757.461.9481 or contact Senior Services online.

Learn more about Virginia Beach Retirement Planning here:

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