How much should seniors save for retirement in Providence?
Multiple variables determine how much money seniors need to save to live comfortably including any chronic conditions that might require long-term care and how long they live as retirees, so no Providence financial advisor for seniors will be able to provide a set number. You can look at the average savings needed though, and the data below compares Rhode Island 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 |
Rhode Island | $1,070,000 | 65 | 79.3 | $62,413 |
Rhode Island might be a little more expensive, but hope is not lost. Providence financial advisors for seniors can help your older adult create a budget to stretch their existing dollars while also seeking additional sources of retirement income like investments or part-time employment. Consulting financial professionals early and often is the best way for your loved one to prepare for their future.
How long can seniors in Providence expect their retirement savings to last?
We all hope that the seniors in our lives have many good years left to live, but longer lifespans also mean that seniors need more retirement funds. Forbes recently released research indicating that a solid majority of retirees live at least 10 more years while some make it to 30 as illustrated by the data below:
It’s virtually impossible to make one lump sum of money last 30 years unless you’re doing something with it, and a senior financial advisor in Providence can help your senior explore high-yield savings accounts and real estate investments to increase their assets even post-retirement. Prioritizing what is truly important to your loved one can also help them cut frivolous expenses.
What to look for when selecting a senior financial advisor in Providence
Choosing a New Bedford or Providence financial advisor for seniors requires putting your loved one’s needs first. You don’t want to entrust a scammer with their assets, so perform thorough background checks before letting anyone access your senior’s money. You also need to verify the validity of any claimed certifications or referrals as even some legitimate financial advisors aren’t above stretching the truth to land a new client. Look for someone who has experience in the particular aspects of financial planning that your loved one needs most. Similarly, try to find someone who has experience working with seniors and understands the unique needs of the 65+ crowd. Most importantly, interview multiple candidates even if the first person seems like a great fit.
Our comprehensive guide to choosing a financial advisor for seniors includes more information, so please review its contents with your loved one as soon as the opportunity arises.
Financial advisors for seniors in Providence
Many older adults prefer not to spend their retirement years fretting over material assets, and you might feel uncomfortable talking about money stuff as well. That’s understandable, but it doesn’t mean that your loved one should have to navigate the financial aspects of retirement alone. Instead, you can use the free resources available on Seasons to find a financial planner who can help your senior live independently and with dignity throughout their golden years!