How much should seniors save for retirement in Omaha?
The process of saving for retirement can be a bit confusing because it’s often difficult to know exactly how much to save. Fortunately, there are formulas professionals use to determine the total amount to save. Let’s take a look at the following information from World Population Review that outlines recommended savings amounts nationwide and in Nebraska:
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 |
Providing your senior with general information regarding the amount they should save can give them a great start. But suppose that your loved one is already older than the estimated retirement ages shown above? Or let’s say they already have a substantial amount saved but want to figure out the best ways to manage their money and also plan their estate. Working with a qualified senior financial advisor in Omaha can help address these and other needs.
How much might seniors in Omaha have saved for retirement?
While it’s good to know how much a person should save for retirement, the reality is that many people either save less or more depending on their income and access to quality retirement funds while working. This 2020 data from TD Ameritrade provides an overview of the amounts adults ages 60 to 79 have in their savings:
A senior financial advisor understands that your loved one may or may not have saved the amount they need to live comfortably in retirement. Their goal is to assist your senior with managing and even growing their current savings. They can also help your older adult plan their estate so that assets can be distributed without the need for probate court. The key is finding the right Omaha financial advisor for seniors.
What to look for when selecting a senior financial advisor in Omaha
Seniors often have unique financial concerns. In addition to thinking about living on a fixed income, paying for a greater number of medical expenses, and preparing for the possibility of needing long-term care, it's common for seniors to encounter scams that can threaten their savings.
Fortunately, finding a qualified senior financial advisor in Omaha can make a big difference. But how can you locate a trustworthy advisor in the area? You can ask around for recommended advisors and check reviews to create a list of prospects. It's also good to ask advisors for referrals. Just be sure to confirm that these individuals will not be compensated for providing a good review.
When shopping around, it's important to know your senior's financial needs and goals so that you can search for advisors who are certified and skilled in these areas. When speaking to advisors, it's good to ask if they can help manage retirement funds, create short- and long-term budgets, plan your senior's estate, and handle other financial matters. You can check with the NAPFA to find out if an advisor works for a flat fee, as opposed to working on commissions. Other national organizations that can help you choose an advisor include the FPA, RIA, and AARP.
Learn more about this topic by reviewing our comprehensive guide for choosing a financial advisor for seniors.
Financial advisors for seniors in Omaha
Your loved one deserves the best opportunity to age in place with dignity and grace. Feeling in control of their finances can help them experience the confidence they need to continue living on their own happily and securely. Let Seasons assist with your search for a certified Omaha financial advisor for seniors by exploring our listings today.