When it’s time for you to retire, do you think that you have done enough planning to live comfortably and manage any issue that could occur? While many people have saved some money for retirement, most haven’t really planned for all the possibilities. A Transamerica survey of over 4,000 workers found that about 53% have guessed at how much to save and most admitted they could use more information on planning everything. This is where the expertise of a retirement planner and the tools offered in Washington D.C. become handy.
Retirement is more than just leaving your job and relaxing all day, there are certain things you need to take into consideration. Estate planning, health care costs, long-term care options, and income once you retire are some key issues to keep in mind according to the Certified Financial Planner Board of Standards.
Your income once you leave your job is probably near the top of your list because you want to be able to take care of your daily needs with ease. Social Security benefits can help with this and at age 66 you can start collecting 100% of your monthly benefits but might want to think about waiting to collect. Why? Because you will get more money the longer you wait. At 67 you could collect 108% and by 70 you could collect 132%.
The accounts you keep your funds in can also bring you more money if used properly. If you have a few different accounts like one for savings and retirement, withdrawing from them in a certain order will allow you to pay fewer taxes. The guidance of a retirement planner would be beneficial at this point because they can devise a strategy to get the most out of your money and protect your nest egg.
While retiring at 65 is what most people strive for, there are a few other options that could help with future finances. You could delay your retirement for a few years or you could decide that part-time work instead of full-time is better for your situation. More and more seniors are choosing this route and in Washington D.C., 5.1% of the working population is 65+.
You have a decent amount of Certified Financial Planners to choose from in the D.C. area so you should talk to coworkers or friends to see if they have any suggestions. Your employer might also be a good source of information and your company could offer retirement planning through your job. Other ways to find a CFP include:
Search the BBB of the Greater Mid-Atlantic Region to find D.C. retirement planners and read user reviews as well as business reports. Check out the National Association of Financial Planners website to search through their network of advisors. Refine your search by clicking on all the retirement options after you enter your location. You can also use the search tool through the Certified Financial Planner Board of Standard’s website. Look for retirement planners after you put in your location.
The United States Department of Labor has an in-depth retirement planning guide that you can download from their website. It covers topics such as:
Tracking down future money Comparing income and expenses Making money last Additional retirement resources
You can find more information and talk with a benefits advisor by calling toll free at 866-444-3272.
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