Grand Rapids Financial Advisors for Seniors

There are several criteria you should consider before choosing a senior financial advisor in Grand Rapids for your loved one:

1. Expertise and Experience

If your loved one is still working, their Battle Creek financial advisor for seniors has to understand how to use that income to set them up for retirement. If the senior in your life is interested in traveling, their advisor needs to build the associated expenses into their retirement plan. The best way to find these qualities is to look for somebody who has done it before.

2. Flexibility

Your loved one should get to choose where and how they meet their Kalamazoo financial advisor for seniors whether that means Zoom meetings on Friday evenings or a face-to-face get-together on the first of every month. Likewise, financial advisors should be open to any suggestions their clients offer.

3. Proven Credentials

If a potential senior financial advisor in Grand Rapids claims to be a CFA, you should be able to verify that. Don’t just take their word for it!

Choosing a target amount can make saving for retirement easier since seniors have a clear goal to work toward, but there are so many variables involved that it’s difficult to pin down a specific number. The table below uses data collected by WorldPopulationReview.com to compare the average cost of retiring in Michigan to the national average:

Michigan is about $80,000 cheaper than the national average, giving your loved one valuable wiggle room as they save for retirement. Still, they’ll need a lot of money to enjoy retirement. A senior financial advisor in Kalamazoo can help your loved one plan for whatever the future may hold to ensure they’re prepared.

Pensions were once the go-to source for retirement income, but most Americans no longer have one through their previous employers. Those who do are likely to find that it doesn’t provide enough money to live comfortably off of anyway. The following statistics from PersonalCapital.com illustrate both of these points quite nicely:

• 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

Your loved one won’t be able to live comfortably on any of these figures, so it’s best to treat them as part of a broader retirement strategy. A Grand Rapids financial advisor for seniors can help them create a plan that suits their needs now and later on for maximal peace of mind.

Some seniors are desperate to talk to anyone, making them vulnerable to scammers who would love nothing more than to relieve them of their money. An experienced Battle Creek financial advisor for seniors can leverage their expertise to shield your loved one from scam artists, provided you don’t pick a scammer to act as their financial advisor. Unbiased, independent research from sources such as the RIA and FPA can help point you in the right direction, and of course, you can trust everything you read here on Seasons. Reviews and referrals can be valuable as well as long as you account for the possibility of bias.

We know that talking about money stuff can feel uncomfortable especially if you and your loved one have never done so before. Still, we think it’s worth helping them find a certified Grand Rapids financial advisor for seniors. You’ll both rest assured knowing that the senior in your life is prepared for whatever lies ahead.