How much should seniors save for retirement in Rockford?
According to recent data, the average senior in Illinois needs about $880,000 throughout their entire retirement in order to live comfortably. This is very close to the national average, which is about $940,000. However, you can’t rely on such broad statistics to plan your senior’s retirement effectively, and a senior financial advisor in Rockford can help you build a retirement plan that takes your loved one’s unique circumstances into account.
Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
---|---|---|---|---|
USA | $944,280 | 64 | 78.2 | $54,700 |
Illinois | $882,770 | 64 | 79 | $49,043 |
For example, the term “living comfortably” is very subjective. Different people define comfort in different ways. Some seniors might argue that their vision of a comfortable life involves weekly manicures. Others might be content with using a nail clipper and a file at home. These are some of the factors your senior financial advisor in Rockford can consider as they build a personalized retirement plan for your loved one.
How much might seniors in Rockford have saved for retirement?
Seniors in the United States approach retirement under varying financial circumstances, ranging from million-dollar fortunes to less than $50,000 tucked away. Recent data suggests that most seniors approach retirement with a low-to-mid six-figure bank account balance. The actions you might need to take with your Rockford financial advisor for seniors depend on these numbers.
For example, if your senior is approaching retirement with less than $50,000 in savings, they may need to explore options such as Social Security, pension benefits, or assistance from nonprofits and charities. If your senior is approaching retirement with millions, however, their primary goals might be to lower tax obligations and consider their estate planning options. Whether your loved one is wealthy or not, a Rockford financial advisor for seniors can cater to their needs.
What to look for when selecting a senior financial advisor in Rockford
There is no shortage of Rockford financial advisors for seniors, and the sheer number of options can make this choice feel overwhelming. However, there are plenty of ways to narrow down your options. For starters, you might want to choose professionals who have specialized training in the field of retirement planning. You might also want to choose professionals with a certain amount of experience, such as 10 or 15 years. Of course, affordability is also a factor to consider, and you might want to set a budget on how much you're willing to pay your financial advisor. Once you've developed a shortlist of options that meet these requirements, you can meet with each of them to get a better sense of their personalities and their overall philosophies on retirement planning. Another solid resource that can help during this decision-making process is our comprehensive guide to choosing a financial advisor for seniors.
Financial advisors for seniors in Rockford
No one wants to think of their seniors doing menial labor into their 70s. With help from a financial advisor, your senior can escape this fate. Even better, they can experience the comfort and financial security that they deserve. Browse Seasons' online listings today and find a financial advisor who can help.