How much should seniors save for retirement in Eau Claire?
Knowing how much to save for retirement can be tricky. The cost of living changes all the time, especially when there is inflation. Knowing the average age that people retire and how much their yearly expenses are can provide you with a better idea. The data below shows what it costs to live in Wisconsin and how much your older loved one would need to save:
Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
---|---|---|---|---|
USA | $944,280 | 64 | 78.2 | $54,700 |
Wisconsin | $924,679 | 64 | 79.6 | $49,714 |
As you can see, Wisconsin is cheaper than the national average. This can make it a little bit easier to save, but it’s working with a professional can help even more. By finding an Eau Claire financial advisor for seniors, your aging loved one can maximize their current savings and investments, and even learn about new ways to put their money to work for them.
How many Eau Claire seniors might rely on pensions?
A pension earned through a job is one of the many ways that seniors can ensure income long after they’ve retired. Although many retirees do not rely on a pension alone, it can make up a major portion of their income. Here is a closer look at the average pension payout:
Median pension plan payouts
- Fewer than 31% of retirees have a defined pension plan
- The median annual pension benefit for a private plan is $9,262
- The median annual pension benefit for a federal government plan is $22,172
- The median annual pension benefit for a railroad worker plan is $24,592
If your senior loved one has questions about their pension or they aren’t sure how much they’ll need in order to supplement their income, it’s better to get answers rather than guess or leave it up to chance. You can help your family member by working with them to find a senior financial advisor in Eau Claire who can break down their options and help them work with the money that they already have.
What to look for when selecting a senior financial advisor in Eau Claire
When selecting a senior financial advisor in Eau Claire for your aging loved one, it helps to make a list of a few that you think might be good choices. Make sure to read reviews and find out what others are saying about working with these professionals. Consider scheduling a meeting to make sure they are a good fit and if possible, see if you can get references and find out if past or current clients are satisfied with the services offered. You want your family member to feel comfortable and feel understood, especially since this involves working with their money.
Data shows that over half of all Americans don’t know how much they will need in order to live out the remainder of their lives comfortably. By finding a qualified professional in the Eau Claire or La Crosse areas, you can help your senior avoid becoming just another statistic.
Financial advisors for seniors in Eau Claire
Finding a financial professional who is skilled in working with seniors can ensure they are ready for any twists and turns that life brings them. An Eau Claire financial advisor for seniors can help your elderly loved one examine their current financial situation and work toward saving and working to increase their money.
Get started by reading our reviews and discover how you can help your senior loved one find a trustworthy advisor who can meet their needs.