What to look for when selecting a senior financial advisor in Portland
A senior financial advisor can collaborate with your loved one’s care team while keeping their funds safe from fraud. When you start your search for a senior financial advisor in OR, you’ll want to consider a variety of factors.
Sit down with the senior in your life to discuss what their needs are, as well as their budgetary requirements. You can choose to meet a financial advisor in person or opt for an online service, which can be a convenient solution. If your loved one plans to invest in retirement accounts, you’ll want to find someone who has experience in that area. Keep in mind the kind of budgeting your elder requires, such as short-term healthcare, meal delivery services, and more. Don’t forget to verify referrals and credentials. Some references may have an arrangement in which they receive compensation for directing clients their way.
Don’t settle for the first Portland financial advisor for seniors you find. Shop around and compare the services that are available to you. Along with Seasons, you can use organizations like the AARP to help you choose an experienced financial advisor for your loved one.
Facts and figures about senior financial advisors in Portland
How much should seniors save for retirement in Portland?
While some things can influence the amount that your loved one should have saved for retirement, you can get a general idea of how much they should aim for. The data from the World Population Review below shows the average savings needed to live comfortably. The chart compares the national average to the average in Oregon specifically.
|Savings Required to Live Comfortably
|Average Retirement Age
|Average Life Expectancy
|Average Yearly Expenses
As you can see, Oregon has a higher cost of living as opposed to other areas across the U. S. It’s important to consider the average life expectancy, your loved one’s health needs, and other factors as well. OR financial advisors for seniors can work with you and the senior in your life to get an idea of how much they will need to save.
What should seniors in Portland expect from Social Security?
Many seniors receive Social Security benefits while in retirement, though this isn’t guaranteed to all elders across the U. S. These benefits can be a great help to seniors, allowing them to age in place confidently. Below, you can see the increase in the number of people receiving benefits between 2009 and 2019, according to SeniorLiving.
- 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
Relying on Social Security can help; however, saving for retirement can help your loved one remain independent as they age in place without worrying about receiving government assistance. A financial advisor can help your loved one create a budget to make up for social security if they aren’t receiving it, as well as make one to manage their benefits if they are.
Why it’s important to work with a trustworthy financial advisor in Portland
When it comes to finances, you need to have someone you can rely on to handle your loved one’s financial needs. A Portland financial advisor for seniors can be an excellent first line of defense to protect your loved one from scams and other concerns. They are required to put the senior in your life’s needs first, rather than prioritizing profit.
Finding a reliable and certified advisor who has experience with senior finances is a great way to ensure that your loved one is financially secure. They can make financial decisions for them that revolve around providing the senior in your life with the greatest possible quality of life as they age in place.
Financial advisors for seniors in Portland
A senior financial advisor in Portland, Oregon, can provide you and your loved one with a sense of financial security that can ease stress while allowing the senior in your life to thrive in their environment. Don’t hesitate to let Seasons help you get started in your search for a reliable, certified financial advisor for seniors.