How much should seniors save for retirement in Medford?
According to recent data, the average senior in Oregon can expect a much more expensive retirement compared to the average American. Not only do Oregonians tend to retire earlier, but they also tend to incur more expenses. According to the data, this means that the savings required for an Oregonian senior to live comfortably can be hundreds of thousands of dollars more than the national average.
| Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
|---|---|---|---|---|
| USA | $944,280 | 64 | 78.2 | $54,700 |
| Oregon | $1,340,000 | 63 | 79.3 | $68,712 |
The good news is that there are plenty of potential strategies you can explore to help your senior reach this “magic number.” A Medford financial advisor for seniors can help your family explore many of these options. These strategies might include selling the family home and downsizing to a smaller, more manageable apartment. Or perhaps your older loved one might have plenty of funding assistance options in the form of Pensions, Social Security, and other programs. In the end, a comfortable retirement might be more realistic than you think.
Why are Medford seniors and others expecting to work past age 65?
One of the most tragic realities of modern American life is the fact that many seniors are being forced to work until they’re no longer physically able. This is occurring for a number of reasons, and the most recent data suggests that the majority of Americans working past the age of 65 do so because they simply don’t have enough money to retire.
Will keep working after 65 because they don't have enough money
Will keep working after 65 because they don't feel Social Security benefits will cover their needs
Will keep working after 65 because of rising costs including healthcare
Some of these seniors continue working even though they’re simultaneously receiving benefits from social security. While healthcare is becoming more effective and extending our lifespans, it is also becoming more expensive. These are all hurdles that your Medford financial advisor for seniors can help you tackle. Get in touch with them before the situation becomes desperate, and hopefully your senior won’t find themselves working into their 70s and beyond.
What to look for when selecting a senior financial advisor in Medford
Sometimes, the best way to get a sense of a senior financial advisor in Medford is to meet with them face-to-face. You might also choose to meet with them virtually. While you might not be a financial expert, you’re probably perfectly capable of assessing Medford financial advisors for seniors’ personality and determining if they’re trustworthy. Remember, seniors are prime targets for scam artists and fraudsters who are trying to sell their “winning investment strategies.” Always do your research by checking the reviews left behind on online listings like those provided by Seasons. You might also look into their past employment history, their education, and any specialized training they might have received in the area of retirement planning. Our comprehensive guide to choosing a financial advisor for seniors is another excellent resource.
Financial advisors for seniors in Medford
You don’t need to become a financial expert in order to plan your senior’s retirement effectively. You just need to connect with the right people and take advantage of the best resources available. One of the best to locate these professionals and resources is to check out our listings, which provide plenty of information on local options in Medford, Klamath Falls, and more.
