How much should seniors save for retirement in Gainesville?
It can be difficult to save up enough money to retire comfortably, especially in an era of rising inflation and underwhelming returns on investments. In fact, recent reports show that seniors in Florida can expect to retire comfortably only if they are able to save over $927,000. If your senior doesn’t have this amount in their bank account, they’re not alone.
| Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
|---|---|---|---|---|
| USA | $944,280 | 64 | 78.2 | $54,700 |
| Florida | $927,008 | 64 | 79.2 | $51,159 |
The good news is that your senior financial advisor in Gainesville can help your senior reach their financial goals with a number of effective strategies. For example, they could use a reverse mortgage to cash in on the high value of their real estate, giving them enough money to handle their annual expenses. They might also choose to sell their home entirely and downsize to an apartment — using the excess funds to fuel their retirement. Whether your senior needs to make these sacrifices or not, a Gainesville financial advisor for seniors can help them assess their options effectively.
How many Gainesville seniors might rely on pensions?
According to the most recent data, one of the most rewarding pensions is that of the railroad worker plan, which provides a median annual benefit of almost $25,000. While this is certainly better than nothing, your senior might not want to rely entirely on this sum — especially since the amount per year they need to live comfortably is approximately twice this amount.
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
There are many other pension plans that pay much less than the railroad worker plan. For example, the average private plan pays out a median annual benefit of just over $9,000. If your senior is simply relying on their pension to get them through their retirement, they’re probably a little too optimistic. The good news is that a Gainesville financial advisor for seniors can help them explore other sources of funding assistance.
What to look for when selecting a senior financial advisor in Gainesville
Searching for the best possible senior advisor in Gainesville requires patience and a close eye for detail. Watch out for any suspicious promises or questionable investment schemes. A pledge to double your savings within a year might sound amazing at first, but is this really realistic? Take a closer look under the surface, and you might find that you’re dealing with a pyramid scheme or some kind of NFT scam.
The best Gainesville financial advisors for seniors never overpromise, and they make sure to inform you of the risks associated with certain actions. You might also want to check their credentials before enlisting their help. Another helpful resource is our comprehensive guide to finding a financial advisor for seniors.
Financial advisors for seniors in Gainesville
The truth is that your senior can realize their dream of a perfect retirement — but they might need a little help from you along the way. The sooner you address your senior’s post-retirement future, the better. If you put a plan in place nice and early, no one will have to experience any nasty surprises in the future. Peace of mind is priceless, so browse Seasons’ listings today to find a financial advisor near you.
