How much should seniors save for retirement in Dayton?
The amount that your loved one needs to save for retirement varies based on factors like their housing situation, pension, and Social Security income. But as you can see below, the baseline amount is generally less in Ohio than it is in the United States as a whole. That’s good news if your loved one is working with a tight budget.
| Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
|---|---|---|---|---|
| USA | $944,280 | 64 | 78.2 | $54,700 |
| Ohio | $776,788 | 63 | 76.6 | $47,597 |
Whether your senior has ample financial resources or not, they’ll want to do their best to prevent wastefulness in retirement. That way, they’re prepared to live as long as possible without having any financial difficulties to worry about. This is another angle that a financial advisor can help them with by setting them up with a sustainable spending plan.
How much might seniors in Dayton have saved for retirement?
The sad reality is that many seniors haven’t saved up enough to retire comfortably, as you’ll below But even if your loved one doesn’t have the recommended amount, that doesn’t necessarily mean that they’ll need to continue working. There may be options out there that can help them stretch their budget so that they can still enjoy their golden years without having to pick up a part-time job.
A senior financial advisor in Dayton can help your loved one get more out of their assets no matter what their current financial situation looks like. Whether your loved one is interested in selling their home to get more liquidity or they want to start giving away money to charity, a Dayton financial advisor for seniors can ensure they handle their money responsibly.
What to look for when selecting a senior financial advisor in Dayton
As you start looking up your options for a Dayton financial advisor for seniors, you'll see that there are quite a few to choose from. This means you'll need to take some time to do some research before making a final hiring decision. As you go through this process, you may want to consider factors like:
- The certifications, education levels, and experience of advisors
- Pricing
- Communication style and connection with your senior
- Proximity to your senior's home
- Other factors that matter to you
Once you've got your list down to a more manageable level, you can meet with the remaining candidates in person so that your loved one gets the chance to provide their input and make a final decision. You can take a look at our comprehensive guide to choosing a financial advisor for seniors to get more detailed information.
Financial advisors for seniors in Dayton
Financial advisors help seniors get as much as possible out of their assets while in retirement. This can make it much easier for your loved one to enjoy their life without having to worry about running out of money while doing so. If you're ready to get started, you can do so by taking a closer look at the resources on Seasons.
