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What to look for when selecting a senior financial advisor in Salt Lake City
Your loved one’s senior financial advisor in Salt Lake City will be responsible for all of your loved one’s assets, so you don’t want to make compromises. The right fit will have demonstrable expertise in the particular areas of finance that matter most to your loved one, whether that’s investing in a 401(k) plan or striking the right balance between enjoying today and preparing for tomorrow. They will also be able to accommodate your loved one’s scheduling needs, whether that means meeting virtually or going to your loved one’s home for a discussion of annuities. You should search for a great communicator who is open to your loved one’s ideas as well. Referrals can be a good way to figure out how a Salt Lake financial advisor for seniors treats their clients provided that you’re reading an authentic review. Some companies hire writers to produce fake reviews though, so watch out.
Facts and figures about senior financial advisors in Salt Lake City
How much should seniors save for retirement in Salt Lake City?
It’s easier to work toward something when you have set goals to measure your progress against, but retirement planning isn’t so cut and dry. Variables such as how much your loved one spends per year can dramatically affect what they need. WorldPopulationReview.com recently compared the average retirement costs in Utah to the national average:
|Savings Required to Live Comfortably||Average Retirement Age||Average Life Expectancy||Average Yearly Expenses|
The combination of lower-than-average yearly expenses with an above-average life expectancy makes Utah an enticing choice for retirees, though the higher average retirement age should be noted. A Salt Lake City financial advisor for seniors can help your loved one prepare for whatever lies ahead, whether it coincides with the average figures above or not.
Why are Salt Lake City seniors and others expecting to work past age 65?
While some seniors continue to work because they enjoy what they do or want the stimulation, many put off retirement because they feel that they simply cannot afford it. The statistics below come from a Northwestern Mutual study conducted in 2019 that asked Americans why they expected to still be working after age 65:
Will Keep Working After 65 Because They Don't Have Enough Money
Will Keep Working After 65 Because They Don't Feel Social Security Benefits Will Cover Their Needs
Will Keep Working After 65 Because of Rising Costs Including Healthcare
The verdict is clear: many Americans worry that they don’t have enough money in savings to retire, Social Security won’t be enough to make up for it, and express concern over inflation’s impact on their ability to live comfortably. A senior financial advisor in Salt Lake City can answer these questions for your loved one for maximal peace of mind.
Why it’s important to work with a trustworthy financial advisor in Salt Lake City
Scam artists enjoy preying on vulnerable populations, and seniors with limited social networks and technology access make for great targets. A certified Salt Lake financial advisor for seniors can act as a buffer between these scammers and your loved one’s money, providing valuable peace of mind in the process. Some scammers pretend to be Salt Lake City financial advisors for seniors for direct access to assets, but you can use resources published by unbiased organizations like the AARP, RIA, FPA, and SeniorsMatter to identify them. It can also be beneficial to check in with your loved one regularly just to make sure everything is going well.
Financial advisors for seniors in Salt Lake City
Finances can be a sensitive topic, and we understand that your loved one may initially be upset or embarrassed if you suggest finding them a Salt Lake City financial advisor for seniors. However, a lifetime of financial security is a more than worthy tradeoff. Please use our resources to get the conversation started today.