>Retirement planning is key to long-term wealth.

Many people had to abandon or neglect their financial planning and savings because of the unpredictable nature and unique challenges caused by the coronavirus pandemic. This is understandable. As the economy improves new workers and those nearing retirement can benefit from smart ways to plan for and save money in a way they might not have been able to one year ago.

These tips are from CFP Board. This non-profit organization is dedicated to helping the public by supporting professional standards for personal financial planning.

High-tech can be dangerous. “Keeping track of your personal finances is time-consuming and not what you want to do in your retirement years,” says CFP Board Ambassador Bill Schretter, CFP®.

“I recommend all my clients automate as much of the saving and reporting functions as possible. However, I do not recommend that you use free service apps,”He insists.

Why? Numerous free apps offer financial and non-financial services that will try to sell you products you don’t want. This could take your retirement savings away.

“I recommend that you purchase your own program or use programs that your advisor or bank provide to help you keep your finances organized,”Schretter. “Let an app automate regular tasks, but leave the most important financial advice and management to qualified human beings,”He continues.

A CERTIFIED FINANCIAL PLANNER™ professional can provide guidance as you consider these points in retirement planning, whatever your current work status or age:

– Reexamine your goals. Do you have a retirement goal that includes a cruise to Alaska or an African safari? Or maybe a house on a quiet lake in the woods? Are you looking to start a business or help your grandchildren and children with their education? To plan for savvy withdrawals, you should consider the potential expenses.

Beware of tax traps “If your withdrawal plan puts you into a higher tax bracket, you might want to lower the amount you plan to pull out,” says CFP Board Ambassador J.J. Burns, CFP®.

Diversify your portfolio with accounts that have different tax rates to increase flexibility. You don’t need a Roth IRA, 401k or IRA to get started. A certified financial advisor can offer advice to help you move your retirement savings into these accounts in order to maximize your future income.

Visit LetsMakeAPlan.orgFor more information and tips on making the most of retirement income, visit www.retirement.com.