While many people plan on what they’re going to do with their free time during retirement, many don’t plan on how they are going to be able to do things in their free time. A Transamerica survey found that out of 4,550 workers, about half felt confident that they would be able to retire comfortably. Many of those same workers admitted that they needed to learn more about planning for their retirement. A retirement planner can help you handle everything about your retirement to make sure that you have enough money to take care of all the important things and there are plenty here in Wichita.
There are a few areas that you need to keep in mind and the Certified Financial Planning Board of Standards that you plan for things like health care needs, long-term care, estate planning, and post-retirement income.
Earning money after you retire can be a complicated issue. Social Security will kick in at 66, but if you can wait you can actually ease your tax burden and end up with more money in the long haul. For example, at 66 you can collect 100% of your monthly benefits but wait just one year until you’re 67 and you could collect up to 108% of your monthly benefits. Waiting until 70 allows you to collect 132%. A retirement planner can help you figure out the best time to start collecting Social Security.
Withdrawing money from retirement accounts or savings can also bring more or less money. If you tap into those funds in a certain order you might be able to lower your taxes and save money. Again, if you have a good retirement planner they can take into account all of your different financial accounts and decide when you should start using each one.
Finally, a retirement planner can help you decide when you should actually retire. For some people retiring at 65 is the best option, but others will delay for a few years, and some might even continue working part-time after they retire from their full-time job. In fact, about 30% of the population in Kansas 65 to 74 still have a job.
Wichita has plenty of financial planners in the area that specialize in retirement planning. Talk with your friends and coworkers to see if they have any suggestions as well as your employer as they might have a program through your job that you can use for planning purposes. Other places to look for local planners:
To find fee-only financial planners in Wichita, you can check with the National Association of Personal Financial Advisors. Not only do they list retirement planners in the area but you can find advisors that handle taxes, wealth management, investments, and other general financial planning.
The CFP Board of Standards also has a search tool that allows you to look for financial advisors in Wichita. Make sure you refine your search by adding retirement planner so you can find the specific help you need. The BBB of the Kansas Plains has over 70 businesses that offer retirement planning services. You can also check out their ratings as well as customer reviews to see how each business measures up.
The AARP States is a good website to search for everything related to employment and retirement for seniors. Their Kansas website has articles about workshops for retirement in the state as well as more helpful information on resources in the area. You can find events, presentations, workshops, calculating tools, and more by searching “retirement” on their website.
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