How much should seniors save for retirement in Wilmington?
Although the figures below indicate that seniors in the state of North Carolina can comfortably live on fewer savings compared to the national average, it is important to remember that life expectancies are on the rise. With rapid technological and scientific advances in healthcare, it’s possible that many seniors could end up living longer than they expected.
| Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
|---|---|---|---|---|
| USA | $944,280 | 64 | 78.2 | $54,700 |
| North Carolina | $865,499 | 63 | 77.8 | $48,733 |
If your senior’s retirement savings run out when they have years left to live, this will make them completely dependent on government assistance and the generosity of their loved ones. A Wilmington financial advisor for seniors can help your senior ensure that they never find themselves in this difficult position.
Does senior confidence in finances increase when working with a financial advisor in Wilmington?
Many people put off budgeting and financial planning because they don’t know where to start and find it a bit daunting. This can not only cause unnecessary stress and anxiety but can also cause financial difficulties that could otherwise have been avoided. Research shows that those who enlist the help of a financial advisor feel more confident, secure, and empowered with regard to their finances.
One of the best ways to make planning for the future less intimidating for your senior is by hiring a senior financial advisor in Wilmington. They can provide expert guidance to help your older loved one budget better and stick to a financial plan that will better ensure their future financial security.
What to look for when selecting a senior financial advisor in Wilmington
A great place to start is by evaluating your senior’s financial needs and circumstances. Do they need some help with short, medium, or long-term financial planning? Are they struggling to manage their money responsibly and could use some guidance on budgeting and saving? Do they have extensive assets and investments that require specialized training to manage? Asking and answering questions like these can help you to identify which Wilmington financial advisors for seniors would best suit their needs. You’ll want to make sure to thoroughly screen any financial advisors you are considering because seniors are especially vulnerable to financial crime and exploitation. Do an online search on them and check their standing with professional bodies and consumer watchdogs such as the Better Business Bureau. Don’t hesitate to ask for references to ensure your Wilmington financial advisor for seniors has the proper qualifications. For more information, have a look at our comprehensive guide to choosing a financial advisor for seniors.
Financial advisors for seniors in Wilmington
Your older loved one shouldn’t have to spend their golden years working part-time just to get by when they have likely spent decades working hard. They deserve the financial security that proper financial planning with a senior financial advisor in Wilmington can offer. Let Seasons be your trusted guide as you look for the right professional to meet your senior’s needs.
