How much should seniors save for retirement in Springfield?
Everyone wonders how much money they’ll need for retirement, but the answer depends on several unknowable variables such as how long you’ll live and whether you need long-term healthcare. Therefore, most Springfield financial advisors for seniors recommend using average savings information to come up with a retirement goal. The data below compares the cost of retiring comfortably in Missouri 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 |
| Missouri | $771,281 | 63 | 77.1 | $45,584 |
It’s good that retirement is more affordable in Missouri, but it can also give seniors a false sense of security that they don’t need to focus on retirement planning. You don’t want your loved one to fall into that trap, so consider being proactive about finding your older adult a senior financial advisor in Springfield.
What should seniors in Springfield expect from Social Security?
While Social Security can be one piece of an effective retirement strategy, most seniors find that the monthly payments they receive aren’t enough to cover their bills. Furthermore, the system is under considerable strain as more seniors reach retirement age and begin pulling money out of the program. The government statistics below demonstrate this growth:
If your loved one doesn’t have enough savings to retire, they might consider remaining in the workforce to earn money and delay Social Security benefits so they get more every month. Alternatively, investments such as stock market dividends can be an effective means of supplementing Social Security income. A senior financial advisor in Springfield can help your senior determine what makes the most sense for them.
What to look for when selecting a senior financial advisor in Springfield
Choosing a Springfield financial advisor for seniors means understanding your older adult’s needs and acting accordingly. For example, you should perform comprehensive background checks on every prospective advisor if you worry that your loved one may fall for one of the many scams targeting senior citizens. Don’t blindly trust referrals and credentials either as some advisors exaggerate to secure new clients. Likewise, you shouldn’t choose an advisor who specializes in 401(k) management if your loved one retired years ago.
You should interview every candidate on your shortlist and allow your senior to ask questions. Not only will this help ensure that your senior develops a strong rapport with their financial planner, but it also gives them a chance to articulate their specific needs. Our comprehensive guide to choosing a financial advisor for seniors includes more great information.
Financial advisors for seniors in Springfield
Finances are complex and often awkward to talk about with a loved one, so the senior in your life may not admit that they are struggling with their retirement goals. We understand why you might feel hesitant yourself, but Seasons makes it easy to find a certified financial professional for seniors and then get out of the way. Considering the alternative, we strongly recommend using our free resources to help your older adult start planning their retirement today. You’ll both get peace of mind as a result.
