How much should seniors save for retirement in Bakersfield?
Many people don’t know how much they need to save up for retirement. Usually, it depends on factors like the average retirement age, average life expectancy, and average yearly expenses. The following data shows how much people need to save up for retirement in the US as a whole and California in particular:
| Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
|---|---|---|---|---|
| USA | $944,280 | 64 | 78.2 | $54,700 |
| California | $1,460,000 | 64 | 81 | $71,809 |
Your older loved one’s situation is unique, though. For example, if they are retiring early, they might need to save up more. The same applies if they are very healthy and have a longer-than-average life expectancy. On the other hand, if they have a sizable pension, they might need less saved up. A Bakersfield financial advisor for seniors can take a look at your older loved one’s particular situation, analyze it, and help you come up with a retirement savings goal.
Does senior confidence in finances increase when working with a financial advisor in Bakersfield?
Many older adults are concerned about retirement. With rising inflation and an increase in the price of many goods, people worry they won’t have enough to live comfortably. A financial advisor for seniors in Bakersfield can help your older loved one gain confidence and achieve a feeling of financial stability in their golden years. The following data shows how financial advisors help increase confidence in seniors:
A financial advisor won’t just give your senior peace of mind. They will also give you peace of mind, as you will know that your older loved one can provide for themselves. Financial advisors can also help your senior open investment accounts to grow their money. Furthermore, they can help your older adult discover ways to protect their assets against fraud and scams.
What to look for when selecting a senior financial advisor in Bakersfield
When searching for a financial advisor for seniors in Bakersfield, make sure to verify the credentials and qualifications of any advisor you work with. One who is experienced with working with seniors specifically will likely be able to give better advice to your older loved one. Read reviews online and ask for references to ensure that people have achieved satisfactory results with the advisor’s help. Then, ask for a consultation or call them to have a quick chat. Your older loved one will likely have an ongoing relationship with the advisor, so make sure they are friendly, accommodating, and easy to work with. Finally, ensure they can meet your older loved one according to their preferences, whether it’s online via video chat, over the phone, or in person.
Read our comprehensive guide to choosing a senior financial advisor for more information.
Financial advisors for seniors in Bakersfield
Finances are one of the biggest concerns of seniors heading into retirement, and a Bakersfield financial advisor for seniors can help your older loved one get their finances together, leading to an improved quality of life and an ability to focus on the things they love. Let Seasons help you find a senior financial advisor in Bakersfield today.
