How much should seniors save for retirement in Midland?
A senior financial advisor in Midland can help you with many aspects of your senior’s retirement plan — including figuring out how much money they’ll actually need to retire comfortably. Statistics can provide some insights as you plan for your senior’s future. For example, recent data suggests that the cost of retirement in Texas is slightly cheaper compared to 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 |
| Texas | $765,223 | 65 | 78.5 | $47,236 |
However, you can’t rely entirely on statistics as you build your senior’s retirement plan. Statistics don’t paint the full picture, and your senior isn’t just another number. Each senior has unique financial circumstances that should be catered to by a Midland financial advisor for seniors. For example, they might require expensive medication, pushing their living costs higher than the average senior. Or perhaps they have more money saved away than the average senior. All of these factors should be taken into account.
Does senior confidence in finances increase when working with a financial advisor in Midland?
Does working with a Midland financial advisor for seniors actually achieve anything? A recent report shows that seniors who work with financial advisors have very different experiences compared to those who don’t. For example, seniors who work with these professional advisors are twice as likely to feel “very financially secure.”
In addition, this data shows that seniors who work with financial advisors are more than twice as likely to have a plan that can handle future market volatility. And as we all know, the market can be extremely volatile at times with fluctuating inflation, skyrocketing mortgage rates, and economic downturns.
What to look for when selecting a senior financial advisor in Midland
One of the most important things to understand is that seniors are incredibly vulnerable to financial abuse. This means that there may be all kinds of people who approach you and claim to have the answers to your retirement problems — if you just invest in their pyramid scheme or buy their cryptocurrency. You should always work with accredited, qualified financial experts — ideally those who have specialized training in the field of retirement planning. One of the best ways to find a solid financial advisor is to speak with your friends and family. Do they have any recommendations? What kinds of results have they experienced with their own financial planners? You should also check out Seasons’ listings, where you’ll find reviews left behind by real caregivers just like you. Take a look at our comprehensive guide to choosing financial advisors for seniors for more information.
Financial advisors for seniors in Midland
Although there are plenty of people who want to take advantage of seniors as they head into retirement, there are also plenty of people who genuinely want to help them. Planning your senior’s retirement might seem like a major responsibility — and it is. But you don’t have to shoulder this burden alone. Check out Seasons’ listings today and search for solid Midland financial advisors for seniors.
