What to look for when selecting a senior financial advisor in Houston
A good starting point is to consider the specific needs of your loved one. Consider whether they need help with their day-to-day finances, managing assets, and investments, or someone to manage their finances entirely. Also, think about whether they have complex finances that will require specialized assistance, and whether they need help with things such as creating a financial plan. It’s important to make sure that the financial advisor you choose is properly qualified and whether these qualifications are credible and legitimate. Check their standing with any professional bodies and institutions they might have obtained their certifications or qualifications through, as well as consumer agencies such as the Better Business Bureau. Ask for references and follow up. You should also enquire whether the referees are receiving any compensation from them.
Meet with a few potential Houston financial advisors for seniors and don’t feel obligated to go with the first financial advisor you meet. Take your time to shop around and compare the services on offer and their cost. Don’t be shy to ask questions such as how they are compensated to ensure there is no conflict of interest and what specific services they will provide for your loved one. A meeting can help you establish whether you feel comfortable with them and confident in their abilities.
Facts and figures about senior financial advisors in Houston
How much should seniors save for retirement in Houston?
Research shows that seniors in Texas need fewer savings to live comfortably after they retire compared to the national average. However, with seniors living longer than they ever have, these estimates might turn out to be insufficient to keep your loved one content and comfortable as they age in place.
|Savings Required to Live Comfortably
|Average Retirement Age
|Average Life Expectancy
|Average Yearly Expenses
To ensure that your senior remains comfortable, well-cared for, and financially secure even when their longevity exceeds expectations, planning is crucial. Working with a Houston financial advisor for seniors can ensure that their resources do not get depleted and leave them struggling to get by. With the right budget and financial plan, your senior can continue living a long, happy, and fulfilling life.
What should seniors in Houston expect from Social Security?
Statistics show that the number of retired seniors who receive Social Security benefits is on the increase. However, the amount seniors receive is not nearly enough to allow them to provide for themselves and remain independent as they grow older. Without a source of income to supplement this benefit, they face a very bleak reality.
- 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
A qualified financial advisor will be able to help your senior manage their resources to ensure that they do not solely rely on Social Security benefits. They can advise your aging loved one on how to make good financial decisions, save money, cut unnecessary expenses, and best manage their finances.
Why it’s important to work with a trustworthy financial advisor in Houston
Working with a financial advisor is beneficial in so many ways. It can help your loved one to make more informed decisions about their finances as well as their future. Financial stress can have a significant negative impact on the health and wellbeing of your senior, so better management of their finances isn’t just good for their pocket but also helps keep them happy and healthy. A senior financial advisor in Houston can provide your loved one with financial counseling and offer advice to help improve their finances as well as their overall standard of living. It also means you have the peace of mind of knowing your loved one will not face the indignity of struggling just to get by after years of hard work and sacrifice.
Financial advisors for seniors in Houston
A Houston financial advisor for seniors is a fantastic way to prepare for and ensure that your loved one enjoys a rich and fulfilling life, never having to go without their basic necessities, and always being able to access the care they need. You can count on us to help you find just the right financial advisor.