How much should seniors save for retirement in Syracuse?
It can be challenging to pinpoint a specific amount a person should save for retirement since everyone’s financial circumstances are unique. A person who lives on an income of $100,000 per year may not need as much saved as a person who lives on an income of $300,000 per year. But it’s good to know the estimated amount most people should set aside to live comfortably. The following data from the World Population Review shows recommended savings for seniors in New York:
| Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
|---|---|---|---|---|
| USA | $944,280 | 64 | 78.2 | $54,700 |
| New York | $1,410,000 | 64 | 80.7 | $69,847 |
The numbers above might surprise the more than half of Americans who are unsure of the amount they should save to retire comfortably. If your senior has yet to retire or would like help managing the retirement savings they already have, they can benefit from working alongside a Syracuse financial advisor for seniors. Some ways an advisor can help include assisting with budgeting, tax and estate planning, and investing.
How many Syracuse seniors might rely on pensions?
While a large number of retirees receive Social Security benefits, some receive payments from a pension fund. Pension funds associated with a workplace typically allow employees to contribute a portion of their salary with the intention of drawing money after retirement via periodic payments. The following data provides insight into median pension plan payouts:
Median pension plan payouts
- Fewer Than 31% of Retirees have a Defined Pension Plan
- The Median Annual Pension Benefit for a Private Plan is $9,262
- The Median Annual Pension Benefit for a Federal Government Plan is $22,172
- The Median Annual Pension Benefit for a Railroad Worker Plan is $24,592
Whether your loved one receives Social Security benefits, draws from a pension fund, or has another form of retirement plan, it’s important for them to make the most of the money they bring in and have saved. When working with a Syracuse financial advisor for seniors, your older adult can rest assured that their finances will be well managed and safe from scams or fraud.
What to look for when selecting a senior financial advisor in Syracuse
If you’ve never searched for a senior financial advisor, you might not be sure how best to find a great match for your loved one. To get started, it’s good to speak with your older adult about their financial goals. Do they want to bolster their retirement savings? Are they interested in making investments? Do they want to plan their estate? Asking these questions can get your search off to the right start.
Next, start reaching out to advisors to find out their background and experience with seniors. You’ll also want to go over their credentials. Are they bound by fiduciary duty? Do they have a certified financial planner (CFP) designation? It’s best to look for fee-based advisors, as opposed to commission-based, since the latter can sometimes have a reputation for focusing on selling products over working in the best interest of their clients.
National organizations like the RIA, AARP, and FPA can help you find important information about advisors to enhance your search. You can also consult our comprehensive guide to choosing a financial advisor for seniors for more information.
Financial advisors for seniors in Syracuse
Financial security can play a major role in your senior’s ability to age in place independently and gracefully. Whether they would like help growing their savings or need assistance with managing the money they’ve already saved, working with a senior financial advisor in Syracuse can help. Allow Seasons to assist your search for an advisor. Feel free to review our listings today.
