How much should seniors save for retirement in Champaign?
According to Northwestern Mutual, over half of Americans aren’t sure how much they need to save in order to retire. The amount needed for a comfortable retirement depends on a variety of factors, such as the cost of living in the area, life expectancy, and more. Here is what the average retirement fund needs to be to retire in the U. S. as a whole and in Illinois specifically:
| Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
|---|---|---|---|---|
| USA | $944,280 | 64 | 78.2 | $54,700 |
| Illinois | $882,770 | 64 | 79 | $49,043 |
While it can seem like a lot to save, this is often accumulated over time. If your loved one could use a hand in preparing for their golden years, a senior financial advisor in Champaign can help them make a plan to ensure they can enjoy their independence throughout their retirement.
How much might seniors in Champaign have saved for retirement?
Because the cost of living plays heavily into the amount needed to save for retirement, it can be hard to know precisely what to work towards in terms of saving. Let’s take a look at the average savings by age group, according to a study conducted by The Harris Poll for TD Ameritrade in 2019:
According to the data, many seniors have worked towards a savings fund for their retirement; however, it appears that a majority are far below the recommended amounts to retire in the area. A Champaign financial advisor for seniors can help your loved one make smart investments as they work towards their goals.
What to look for when selecting a senior financial advisor in Champaign
While it may seem daunting to find a qualified financial advisor for your aging relative on your own, there are some ways to ease the process. It's important to choose someone who meshes well with your loved one and has proven their capabilities in assisting seniors with fraud prevention, retirement savings, and other important aspects of their finances. Let's take a look at some of the things to keep in mind during your search.
You'll want to get an idea of what you'll need from them. The specific services a senior financial advisor offers can vary. For instance, does your loved one want assistance preparing for long-term expenses, or are they more interested in focusing on investing in their retirement alone? When you're considering options, be sure to verify their certifications and references.
You can explore a variety of free sources to find unbiased information about senior planning services. By obtaining multiple perspectives, you can feel more confident when considering different Champaign financial advisors for seniors. In addition to the internet, you can turn to national organizations for recommendations as well. Our comprehensive guide to choosing a financial advisor for seniors can provide further information.
Financial advisors for seniors in Champaign
With the support of a knowledgeable Champaign financial advisor for seniors, you and your loved one can feel confident as they age in place. The senior in your life can enjoy their life to the fullest with dignity, independence, and confidence. Start perusing our above listings to find a financial advisor for your loved one today.
