How much should seniors save for retirement in Salinas?
Between variable life expectancies, the possibility of developing chronic medical conditions requiring costly care or medications, and the unpredictable nature of inflation, seniors frequently don’t know how much they should save for retirement. It’s easier to save if you have a goal to strive for, so experts recommend looking at average figures as a rough estimate. The information below compares the cost of a comfortable retirement in California 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 |
| California | $1,460,000 | 64 | 81 | $71,809 |
A figure above $1.4 million looks intimidating, which is all the more reason for your older loved one to work with a certified Salinas financial advisor for seniors. Maybe your senior could get by with less money with effective budgeting or explore looking at areas where the cost of living is more affordable.
What should seniors in Salinas expect from Social Security?
Social Security is a lifeline providing invaluable support to millions of seniors, but the program may not prove sufficient as a senior’s sole source of income. Furthermore, the program is rapidly expanding as the Baby Boom generation reaches retirement age and claims Social Security benefits. The official government statistics below provide further detail:
Some experts question how long the current version of Social Security will continue to exist, meaning that your aging loved one has to have other sources of income during their retirement years. Salinas financial advisors for seniors can help older adults consider options they wouldn’t have thought of otherwise, such as stocks that pay investors dividends and rental properties.
What to look for when selecting a senior financial advisor in Salinas
Your senior’s particular situation will determine what you should look for in a senior financial advisor in Salinas or a nearby area like Monterey. Still, there are a few universal things you need. For example, you should verify each candidate’s credentials including any professional certifications and references they provide to you. Scammers love pretending to be financial advisors for easy access to a senior’s money and you want to avoid them at all costs. Speaking of costs, any candidate who cannot clearly explain how much they’ll cost can safely be removed from consideration. Your older adult should also be able to choose between in-person meetings and online meetups for maximal flexibility.
Interviewing the top candidates with your elder loved one should be the final step to make sure they can establish a strong working relationship. Our comprehensive guide to choosing a financial advisor for seniors provides more actionable information that you can use to help you make the right decision.
Financial advisors for seniors in Salinas
The idea of financial planning is simple enough, but the logistics of making it happen can be far more complicated. A professional Salinas financial advisor for seniors can guide your elderly loved one through every step of the process from pre-retirement investment decisions to budgeting for a long and happy life. Seasons provides informational resources at no cost to consumers to help you find a great fit, so let us help you assist your senior!
