How much should seniors save for retirement in Colorado Springs?
One of the first questions most people have for their Colorado Springs financial advisor for seniors is how much money they’ll need. That answer depends on many variables such as where your senior lives and how long they end up living, but average data can help estimate the figure. Here is how the cost of retirement in Colorado compares 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 |
| Colorado | $977,496 | 65 | 80 | $54,670 |
That’s a lot of money, but it isn’t an insurmountable goal with the help of a senior financial advisor in Colorado Springs and nearby areas such as Pueblo. Effective budgeting can go a long way toward reducing your older adult’s expenses without compromising their quality of life, while high-yield retirement accounts could potentially increase the amount of money they have to work with.
Why are Colorado Springs seniors and others expecting to work past age 65?
If your loved one is falling far short of the savings needed to retire comfortably, working past the age of 65 might be worth exploring. Not only could your loved one supplement their income this way, but they could also delay taking Social Security and receive more per check. Below, Northwestern Mutual reveals three of the most common reasons why seniors might keep working after 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
If a chronic medical condition or the natural aging process prevents your loved one from working in their twilight years, Colorado Springs financial advisors for seniors can brainstorm other solutions. For example, sticking to a tight budget and making shrewd investments can help seniors live better in their retirement years.
What to look for when selecting a senior financial advisor in Colorado Springs
Selecting a Pueblo or Colorado Springs financial advisor for seniors requires first understanding your senior’s specific needs. An older adult who’s still participating in the workforce might need expert advice on their 401(k) while a recent retiree might need budgeting help to compensate for their lost income. Likewise, you should ask your senior if they’d rather meet their advisor online or in person and allow them to participate in the interview process to ensure that they develop a solid rapport with their financial planner.
Verify any credentials potential candidates claim to have, especially certs indicative of extensive knowledge of the unique needs of the 65+ crowd. Review any references provided too, but remember that some financial planners aren’t above paying for a positive write-up. Our comprehensive guide to choosing a financial advisor for seniors provides more insight, so be sure to review it with your loved one.
Financial advisors for seniors in Colorado Springs
You might not get to spend as much time as you would like with your older adult and we completely understand not wanting to spend the time you do get talking about money stuff. However, many seniors have too much pride to ask for help and you can’t let your loved one live with financial storm clouds hanging over their head. Using the free resources available on Seasons is the best way to help your older adult prepare for whatever might lie ahead.
