How much should seniors save for retirement in South Bend?
The amount your loved one will need for retirement mostly depends on their cost of living, age of retirement, and life expectancy. When calculating their cost of living, though, you also have to account for routine medical care, especially if your loved one has a chronic condition. The following data reveals how much people need to save to retire comfortably in Indiana and the United States:
| Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
|---|---|---|---|---|
| USA | $944,280 | 64 | 78.2 | $54,700 |
| Indiana | $784,891 | 63 | 77 | $46,720 |
If your loved one is stressed or anxious about retirement, a financial advisor can give you some peace of mind. They can lay out the steps you and your loved one will need to take to prepare for retirement. A South Bend financial advisor for seniors can also help you explore investment options suitable for seniors.
Does senior confidence in finances increase when working with a financial advisor in South Bend?
Many older adults are not confident in their financial stability. They’re afraid they’re not heading in the right direction, don’t know how to set goals, and don’t have a plan for a recession or market volatility. Fortunately, seniors typically feel more confident when a financial advisor is by their side, advising them and helping them create a plan. Research shows how people feel more financially secure with a senior financial advisor in South Bend:
Financial planners can help you and your older adult gain clarity on how to balance spending and saving. If they feel like their Social Security income won’t be enough to cover their expenses, a South Bend financial advisor for seniors can help them figure out how to cut costs. They may also make them aware of the necessity of having an emergency fund to pay for critical medical expenses or other emergencies, like a broken air conditioning system.
What to look for when selecting a senior financial advisor in South Bend
It’s critical to select the right financial advisor for seniors in South Bend who is genuinely committed to helping your older relative. They should be invested in ensuring your loved one’s money grows if they are investing in something like stocks. They should also be understanding of your situation and try to figure out ways that would help your loved one live in dignity, even if they have a limited income from Social Security. Check their qualifications, including the letters that follow their name, to ensure they have the proper certifications. You may also want to inquire about prices and whether the South Bend financial advisor for seniors specializes in helping older adults who are planning for retirement.
Read our comprehensive guide to choosing a senior financial advisor for more information on how to pick a good financial advisor for seniors.
Financial advisors for seniors in South Bend
South Bend financial advisors for seniors can help as your loved one ages in place. If you want to avoid having your loved one need to work part-time after retiring, getting professional assistance is critical. Let us help you find a qualified senior financial advisor in South Bend for your loved one.
