How much should seniors save for retirement in Boise?
The exact amount seniors need to save for retirement depends on their individual goals and needs. A variety of factors can influence the amount as well, such as life expectancy and standard of living. Here, we compare the savings required to live comfortably in the U. S. overall and in Idaho, specifically, according to the World Population Review.
| Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
|---|---|---|---|---|
| USA | $944,280 | 64 | 78.2 | $54,700 |
| Idaho | $871,620 | 64 | 79.1 | $48,423 |
A skilled senior financial advisor in Boise can provide the guidance your loved one needs to feel confident in planning for their future. They can help them identify their retirement goals, as well as keep them on the right track. By enlisting the support of a specially trained professional, the senior in your life can feel confident in their financial future.
How many Boise seniors might rely on pensions?
When we retire, there are many expenses that need to be covered throughout our senior years. Retirement income can stem from a few different sources, though the main four are financial assets, pension, social security, and continuing to work. Let’s take a look at the average pension plans and benefits for retirees in the U. S.
Median pension plan payouts
- Fewer Than 31% of Retirees have a Defined Pension Plan
- The Median Annual Pension Benefit for a Private Plan is $9,262
- The Median Annual Pension Benefit for a Federal Government Plan is $22,172
- The Median Annual Pension Benefit for a Railroad Worker Plan is $24,592
With such a low percentage of retirees with a defined pension plan, it’s crucial to make additional plans for retirement. Boise financial advisors for seniors have a thorough understanding of the unique needs of the senior population, whether they’re concerned about paying for retirement, protecting their assets, or anything else.
What to look for when selecting a senior financial advisor in Boise
While a senior financial advisor can do a lot to help your loved one, it’s important to find an advisor who is well-suited to working with the senior in your life. There are some things you should consider as you search for the right professional.
From the start, you’ll need to be aware of what your loved one needs. You’ll want to find an expert who can accommodate their preferences, whether they’re seeking in-person meetings for investment accounts or someone who can assist with creating a full plan for long-term healthcare. Once you’ve chosen several options, verify the certifications and references to eliminate those who aren’t up-to-par. Finally, have your loved one sit down to meet with the advisor. It’s best that they feel comfortable with the person who will handle their financial accounts on a long-term basis.
You can find more information to help you make your decision using our comprehensive guide to choosing a financial advisor for seniors.
Financial advisors for seniors in Boise
By enlisting the help of a qualified Boise financial advisor for seniors, your loved one and your family can enjoy peace of mind in their financial security. When seniors don’t have to pinch pennies to get by, they can enjoy their lives more fully, regardless of how they prefer to spend their golden years.
