How much should seniors save for retirement in Toledo?
It’s not always easy to determine the exact amount needed to live comfortably in retirement. Some financial planners suggest that people should expect to need between 70% and 80% of their pre-retirement income in retirement. But how much should be saved to achieve this goal? The following retirement savings estimates from the World Population Review can give your senior a glimpse into the amount they could need for retirement in Ohio:
| Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
|---|---|---|---|---|
| USA | $944,280 | 64 | 78.2 | $54,700 |
| Ohio | $776,788 | 63 | 76.6 | $47,597 |
A great way for your loved one to get more specific insight into the amount needed to live comfortably in retirement is to work directly with an expert Toledo financial advisor for seniors. The advisor can look at your senior’s current assets, recurring income, expenses, and other important factors to provide an estimate. They can also make wise decisions to help ensure that your loved one thrives financially in retirement.
How long can seniors in Toledo expect their retirement savings to last?
Many people select a target amount to save based on their expectation of living about 15 years beyond retirement. But, of course, a person can live any number of years, which can make knowing the exact amount to save difficult. The following data from Forbes reveals the chances of living many years beyond retirement:
Even if a senior works hard to create a comprehensive retirement savings plan, the unexpected can happen. An older adult might plan out their savings under the expectation of living to 90 years old and, to their pleasant surprise, live to 100 years old instead. It’s for this reason that financial advisors aim to invest and continue growing savings along with creating additional financial safety nets. This way, your loved one never has to worry about experiencing a financial downfall.
What to look for when selecting a senior financial advisor in Toledo
When you’re loved one is ready to find a qualified senior financial advisor in Toledo, you’ll want to do your best to locate the right match for them. A great way to start is by checking for reviews of financial firms in your area. You can also ask around for recommendations. Once you’ve accumulated a list of prospects, take time to reach out to them to learn about their specialties, particularly if they have experience working with seniors. It’s also good to ask if they are certified and bound by fiduciary duty. You can also ask for referrals, but be sure to ask if those individuals are being compensated to provide a good review.
Fortunately, there are plenty of tools available to aid in your search for a great advisor. If you want to confirm that an advisor is fee-only, as opposed to working on commission, the NAPFA offers a tool to help. You can also visit national organizations like the RIA, AARP, and FPA to gain insight into great ways to find a top advisor. Our comprehensive guide to choosing a financial advisor for seniors can help, as well.
Financial advisors for seniors in Toledo
There are numerous benefits to having your older adult work on their finances with a qualified Toledo financial advisor for seniors. They can manage debts, work on their budgets, find affordable health insurance, plan their taxes, and much more. Aging in place in comfort and with dignity is much easier with financial stability. Let Seasons assist you in finding a great senior financial advisor in Toledo for your loved one. Browse our listings today.
