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What to look for when selecting a senior financial advisor in Sacramento
If you don’t know how to find a quality senior financial advisor in Modesto, we recommend first making a list of everything your loved one needs. For example, your loved one’s Sacramento financial advisor for seniors should be a skilled communicator with a knack for taking complex financial terminology and explaining it in layman’s terms your loved one understands. Likewise, your loved one’s financial advisor should offer scheduling flexibility that suits your loved one’s needs. If your entire family gets together for a dinner on Friday evenings, your loved one shouldn’t have to miss it to talk about money stuff.
Most importantly, make sure that your loved one’s senior financial advisor in Stockton has the expertise your loved one needs. If the senior in your life is still employed, their advisor can help them invest a percentage of their earnings in a 401(k) or IRA. If they have chronic medical conditions, their advisor can instead focus on budgeting for related expenses.
Facts and figures about senior financial advisors in Sacramento
How much should seniors save for retirement in Sacramento?
Your loved one doesn’t know exactly how much they’ll spend each year or how long they will live, making it difficult to nail down a target for retirement savings. WorldPopulationReview.com recently conducted a study that compared the savings required to live comfortably across state lines with the following results:
|Savings Required to Live Comfortably||Average Retirement Age||Average Life Expectancy||Average Yearly Expenses|
The good news is that Californians tend to live longer than seniors in other parts of the country, but the bad news is that your loved one needs over $1.4 million to enjoy a comfortable retirement. That might seem unattainable, but a Sacramento financial advisor for seniors can help your loved one make a plan for the future.
How long can seniors in Sacramento expect their retirement savings to last?
When your loved one retired or retires is also a significant piece of the puzzle. Naturally, early retirees typically need more savings than those who retired later in life. The chart below uses statistics compiled by Forbes to compare the odds of living 10, 20, or 30 years after retiring at specific ages:
A clear majority of seniors can expect to live at least 10 years post-retirement, so your loved one should be prepared to live at least that long. A senior financial advisor in Sacramento can help your loved one set up a portfolio that provides for consistent income no matter how long your loved one lives.
Why it’s important to work with a trustworthy financial advisor in Sacramento
Scammers tend to choose the most vulnerable targets they can find, and potentially naive seniors often fit the bill. A Stockton financial advisor for seniors can use their knowledge of the local community to help your loved one avoid the most prevalent schemes and act as a buffer between your loved one’s assets and unscrupulous actors. If you’re concerned that you may inadvertently choose a scam artist as your loved one’s senior financial advisor in Modesto, we recommend doing your research on unbiased sites such as SeniorsMatter. Reviews can be bought, so you can’t always trust the information they contain.
Financial advisors for seniors in Sacramento
We know that you may not want to talk money with your loved one, but a difficult conversation today can help your loved one prepare for the future. Once you set them up with a senior financial advisor in Sacramento, you can go back to enjoying the time you get to spend together.