How much should seniors save for retirement in Burlington?
Your loved one won’t know exactly how much they need to retire comfortably since they aren’t sure how long they’ll live or what long-term care expenses they might incur, but you can get a ballpark by looking at average figures. Below, WorldPopulationReview.com compares the average cost of retirement in Vermont to the national average:
Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
---|---|---|---|---|
USA | $944,280 | 64 | 78.2 | $54,700 |
Vermont | $1,080,000 | 65 | 79.9 | $60,348 |
Vermont is on the more expensive side, making it even more important for your senior to plan for their financial future. A senior financial advisor in Burlington and nearby cities like Plattsburgh can help your loved one live within their means without compromising the things that truly matter to them like family visits or donating to charities that are close to their heart.
Why are Burlington seniors and others expecting to work past age 65?
While 65 is considered “retirement age,” there’s no law mandating seniors stop working at that age if they don’t want to. Indeed, work can be a great way for seniors to get out in the world and see people while earning extra money to live on. The data below highlights three of the biggest reasons why older adults might work beyond age 65:
Will keep working after 65 because they don’t have enough money
Will keep working after 65 because they don’t feel social security benefits will cover their needs
Will keep working after 65 because of rising costs including healthcare
Employment isn’t the right fit for every older adult but could be a good call for your senior, especially if they’ve always loved what they do. A Burlington financial advisor for seniors can help your older adult figure out when to stop working, taking variables such as health and Social Security income into account.
What to look for when selecting a senior financial advisor in Burlington
Choosing a senior financial advisor in Burlington or a nearby city like Plattsburgh comes down to finding an expert who your senior feels comfortable working with. First, ask your loved one what specific services they need so you can find somebody with the right expertise. Someone who is still working has different financial needs than someone who retired a decade ago, for example. You should also ask if your senior would prefer in-person meetings, online meetings, or a combination of the two. We also recommend performing a background check on every candidate because the person you choose will have access to your loved one’s money. Most importantly, we strongly recommend interviewing more than one candidate to ensure that you find the best fit possible.
Our comprehensive guide to choosing a financial advisor for seniors includes more helpful tips and tricks, so be sure to take notes as you read it to help you absorb all the information.
Financial advisors for seniors in Burlington
Many seniors are reluctant to talk about their financial situation with their loved ones, but you can’t let that stop your loved one from enjoying the independence and dignity that all older adults deserve in their golden years. Seasons provides all of the resources you need to start searching for a qualified Burlington financial advisor for seniors, so please use them to ensure that your senior has expert financial help whenever they need it.