How much should seniors save for retirement in Albany?
The amount you actually need to live comfortably in retirement may shock you. Unfortunately, most seniors don’t have enough savings. Look at the data below, which shows the average amount adults must save in New York and in the United States to retire and live a comfortable lifestyle without lacking anything:
| Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
|---|---|---|---|---|
| USA | $944,280 | 64 | 78.2 | $54,700 |
| New York | $1,410,000 | 64 | 80.7 | $69,847 |
Obviously, each person’s situation is different. If you retire later in life, and you have a lower life expectancy, you may not need as much saved up for retirement. If you live in a low-cost area, you may also need less saved up. The data above is just based on the average life expectancy, retirement age, and cost of living. However, the sad truth is that many adults don’t have the right amount saved up when it comes time to retire.
How much might seniors in Albany have saved for retirement?
So, how much do seniors actually have saved up for retirement? When looking at the data below, keep in mind the actual numbers needed to live comfortably after retiring, which were shown above. When you compare the two, you’ll realize that a large percentage of seniors simply don’t have enough savings to live well for the remainder of their retirement.
If you are worried that your older adult doesn't have enough in their bank account to last, it's essential to enlist the help of a senior financial advisor in Albany, Troy, or Schenectady. As long as you budget well and figure out how to use Social Security or any other income properly, your loved one will never lack.
What to look for when selecting a senior financial advisor in Albany
Not all financial advisors offer the same services. When searching for an Albany financial advisor for seniors, first figure out what your parent's needs are. They might need help creating a budget for their social security income. Alternatively, they might need assistance in investing in retirement accounts that will pay out in their golden years.
There are both online and in-person financial advisors. An online financial advisor might be more suitable if your loved one has mobility issues preventing them from leaving the home. Alternatively, your older adult might feel more comfortable pinching the numbers with someone in person.
Of course, you should always verify that the financial advisor has the proper credentials. Our comprehensive guide to choosing a financial advisor for seniors will definitely come in handy.
Financial advisors for seniors in Albany
A financial advisor who specializes in helping seniors can ensure your loved one has financial stability going forward. That will help give you peace of mind as well. It's one of the best things you can do for your relative, so let us help you find an Albany financial advisor for seniors today.
