What to look for when selecting a senior financial advisor in Detroit
A financial advisor who specializes in senior services can be just what elders need to protect their finances. They can help your loved one budget their money to ensure that they can continue to access the services they need to thrive as they age in place, such as meal delivery or transportation assistance. There are some specific things to keep in mind as you search for the best Detroit financial advisor for seniors for your loved one.
For one thing, it’s imperative to get an understanding of what the senior in your life needs in a financial planning service. Work directly with your loved one to understand their individual goals for aging in place. Perhaps they’d like to meet with their financial advisor in person, which can give them the chance to socialize as they review their budgetary needs.
Be prepared to shop around. There are many free resources available that you can use, such as Seasons, the AARP, and FPA. You’ll want to find someone who has the right certifications to provide the support necessary for your loved one. Request references, but double-check that the referral isn’t compensated for their reviews.
Facts and figures about senior financial advisors in Detroit
How much should seniors save for retirement in Detroit?
The price your loved one will pay to work with a senior financial advisor in Detroit will depend on their individual requirements and situation. However, you can get a general idea of the average costs associated with enlisting the guidance of a senior financial advisor. Below, you’ll see data from the World Population Review comparing the national average to Colorado specifically.
| Savings Required to Live Comfortably | Average Retirement Age | Average Life Expectancy | Average Yearly Expenses | |
|---|---|---|---|---|
| USA | 947819.32 | 64 | 78.2 | 54708.22 |
| Colorado | 977496 | 65 | 80 | 54670 |
A quality financial advisor for seniors has the training and knowledge necessary to guide the senior in your life as they select the services that are ideal for their individual needs. A trustworthy advisor can make a huge difference in your loved one’s life, allowing you to rest easy knowing that their finances are secure.
What should seniors in Detroit expect from Social Security?
With a huge percentage of Americans in retirement, many are receiving Social Security benefits every month. In addition, people over the age of 65 are expected to represent 22 percent of the population by 2050, a significant increase from the 17 percent they represent today. The information below outlines the increase in people receiving benefits over a 10-year period, studied by Senior Living.
- 33.5 Million People Received Social Security Benefits in 2009
- 45.1 Million People Received Social Security Benefits in 2019
- The Average Yearly Social Security Benefit is About $18,036 Per Year
If the senior in your life is receiving Social Security income, these funds can be protected by a senior financial advisor who will have your loved one’s best interests at heart. Make sure that you select an advisor who can keep them safe from elder fraud, scams, and other financial problems.
Why it’s important to work with a trustworthy financial advisor in Detroit
A trustworthy financial advisor can make a world of difference in protecting your loved one. Maintaining their finances will ensure that they can cover the expenses they have, whether that includes the weekly groceries, daily meal deliveries, trips to the doctor, or anything else. In addition, elders tend to be more vulnerable to financial fraud. Finances are a crucial aspect of allowing your loved one to age in place securely and safely. When an advisor can pick up the slack, you don’t have to worry about the senior in your life being overcharged for services, mismanaging their budget, or experiencing a massive loss of funds due to being taken advantage of.
Financial advisors for seniors in Detroit
Enlisting the support of a Detroit financial advisor for seniors is an excellent way to bring security to your loved one’s life. By keeping their funds safe from fraud and working alongside your senior’s care team, the elder in your life can thrive with dignity and independence while maintaining your peace of mind.
