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What to look for when selecting a senior financial advisor in West Palm Beach
If you aren’t sure what to look for in a senior financial advisor in West Palm Beach, try putting yourself in your loved one’s shoes. They probably want to work with a Fort Pierce financial advisor for seniors who values their input, so try and find somebody with a track record for collaboration. Online reviews can be a great way to get a feel for a candidate’s communication skills, but beware of any paid testimonials you may encounter.
Likewise, try to find an expert who specializes in your loved one’s specific needs. If grandma is still working, her senior financial advisor in West Palm Beach-Ft. Pierce needs to know how to invest that money. If your loved one stopped working years ago, it’s probably more important for their advisor to understand how to sell a budgeting plan to a potentially reluctant client. Finally, your loved one should have full control over when and how meetings take place for maximal convenience.
Facts and figures about senior financial advisors in West Palm Beach
How much should seniors save for retirement in West Palm Beach?
Picking a retirement target is important but challenging as no senior knows exactly what they will spend per year or how long they will live beforehand. That said, average figures make a good baseline. The table below compares the average cost of retiring comfortably in Florida to the national average according to data compiled by WorldPopulationReview.com:
|Savings Required to Live Comfortably||Average Retirement Age||Average Life Expectancy||Average Yearly Expenses|
Florida is a little more affordable than the country at large despite having a higher average life expectancy, making it a great place for your loved one to live. They’ll still need a substantial retirement account though, so why not find them a certified West Palm Beach financial advisor for seniors today?
What should seniors in West Palm Beach expect from Social Security?
Some seniors think Social Security will be enough to live on as they age, but the benefits aren’t as high as some expect. If your loved one plans to rely on their monthly check from the government, you might want to show them these statistics from SeniorLiving.org to convince them otherwise:
- 33.5 Million People Received Social Security Benefits in 2009
- 45.1 Million People Received Social Security Benefits in 2019
- The Average Yearly Social Security Benefit is About $18,036 Per Year
It’s good to see more seniors taking advantage of the program, but $18,000 a year just isn’t enough to live comfortably. A senior financial advisor in Fort Pierce could help your loved one create a financial plan that makes good use of their Social Security check without relying on it for everything.
Why it’s important to work with a trustworthy financial advisor in West Palm Beach
West Palm Beach financial advisors for seniors are fiduciaries, meaning that they must put their client’s well-being before their own. A scam artist may pretend to be a senior financial advisor in West Palm Beach, but their motives are completely different. Finding your loved one a trustworthy West Palm Beach-Ft. Pierce financial advisor for seniors ensures that they won’t fall victim to fraud, letting you rest easy that their money is secure.
The best way to find a trustworthy finance pro is to do your research. If somebody claims to be a CFA when they aren’t, you should probably look for somebody else.
Financial advisors for seniors in West Palm Beach
Talking about money can be tough, especially if your loved one doesn’t have a history of opening up to you about it. Still, helping them find a West Palm Beach financial advisor for seniors is the best way to ensure that their retirement plans are on track. A little discomfort today is worth a lifetime of peace of mind.