How much should seniors save for retirement in Lincoln?
So, just how much do seniors need to save up for retirement? That depends on several factors, namely the average life expectancy, the average yearly cost of living, and the age of retirement. The following data shows just how much seniors need to save up in the United States and the state of Nebraska to live comfortably, based on the above factors:
Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
---|---|---|---|---|
USA | $944,280 | 64 | 78.2 | $54,700 |
Nebraska | $806,220 | 65 | 79.2 | $47,649 |
Of course, there are other individual factors that you must consider as well. For example, the amount your senior is getting from Social Security is important. If they have a chronic medical condition that requires expensive, frequent treatments, they may need to save up more or cut down on costs. A Lincoln financial advisor for seniors can look at your older loved one’s specific situation and come up with an appropriate savings plan.
What should seniors in Lincoln expect from Social Security?
The number of people receiving Social Security has been increasing at a steady pace. Unfortunately, relying on the average Social Security income puts seniors close to the poverty line. Furthermore, the program’s funds are expected to be depleted over the next few decades unless measures are taken to prevent that. Here are how many beneficiaries of Social Security there are, according to the official statistics:
Social Security can be a great supplement to a savings plan or other income, so it’s also important to have a savings plan. In addition, not everyone qualifies for the maximum Social Security benefit. Therefore, it’s crucial to discuss potential retirement savings plans with a Lincoln financial advisor for seniors who is experienced in helping people who are in your elderly loved one’s situation.
What to look for when selecting a senior financial advisor in Lincoln
There are many Lincoln financial advisors for seniors, but not all of them might be right for your aging loved one. It’s important to find an advisor who has the right credentials and a lot of expertise in helping seniors specifically. You can talk with several financial advisors and ask if you can get a free consultation. That will give you a good feel for what working with the advisor long-term might be like. You can understand how they can help you set goals and continually work with your senior on reaching them. You don’t have to go with the first advisor you talk to. Speak with several, so you can make a more informed decision. Before choosing an advisor, make sure you are clear on pricing. Our comprehensive guide to choosing a senior financial advisor will help you find a good advisor for your elderly loved one.
Financial advisors for seniors in Lincoln
Speaking with a Lincoln financial advisor for seniors will give you peace of mind, knowing your aging loved one has an effective plan to follow. It will also help them achieve a feeling of financial stability, reducing stress and anxiety. Let Seasons help you find a qualified financial advisor for seniors today.