How much should seniors save for retirement in Springfield?
The exact amount that your senior needs to save depends greatly on their specific circumstances. Some might live very simply, enjoying few luxuries other than nutritious meals and time with family. Others may enjoy more lavish lifestyles that must be maintained if they are to feel comfortable. That being said, the most recent estimates suggest that the average senior in Massachusetts should aim for well over $1 million if they wish to retire comfortably.
| Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
|---|---|---|---|---|
| USA | $944,280 | 64 | 78.2 | $54,700 |
| Massachusetts | $1,160,000 | 66 | 79.9 | $69,279 |
While this number might seem a little daunting as a caregiver, don’t become too alarmed until you meet with a Springfield financial advisor for seniors. The real number might be much lower based on your senior’s lifestyle and projected annual expenses. On the other hand, their expenses might be much higher than the average American senior. Whatever the case may be, you can plan accurately by taking action and meeting with a Springfield financial advisor for seniors.
Does senior confidence in finances increase when working with a financial advisor in Springfield?
When thinking about money, it’s easy to forget about the human aspect of the equation. Improving how your senior feels about the future is just as important as running numbers. Recent surveys suggest that seniors who work with Springfield financial advisors for seniors experience greater feelings of security, clarity, and confidence, among other things.
Of course, feeling optimistic about the future doesn’t necessarily mean that good things will happen. The results of your retirement planning depend on several factors, including how the market will fluctuate in the future, rising inflation rates, and the quality of your financial advisor. While you can’t control what happens with the stock market or what the Federal Reserve decides to do about inflation, you can choose the best possible financial advisor in your area.
What to look for when selecting a senior financial advisor in Springfield
You should aim to work with a financial advisor who has plenty of experience and qualifications under their belt. Experience might be more important than a university degree from an Ivy League university in some cases. After all, sometimes the best learning experiences occur when you get out of the classroom and actually start helping real seniors. Aside from experience, trustworthiness is another important factor here — especially when you consider how many vulnerable seniors fall victim to scams and fraudulent investment schemes each year. This is why you should always research a potential financial advisor thoroughly before you work with them. You might want to check out the Better Business Bureau for complaints — or perhaps read the reviews left behind by other caregivers on listings provided by Seasons. Another solid choice for plenty of information is our comprehensive guide to choosing a financial advisor for seniors.
Financial advisors for seniors in Springfield
If you’re ready to stop feeling uncertain, you can take action today. Doing so could save your senior from years of hardship, and it can be the difference between just barely scraping by and truly comfortable retirement. The sooner you get this out of the way, the sooner you can achieve peace of mind — so browse our listings today.
