How much should seniors save for retirement in Charleston?
One thing that a Charleston financial advisor for seniors can help you with is figuring out how much money your loved one actually needs to retire. As you’ll see below, that number depends on where they’re living, among other factors. But the good news is that seniors in South Carolina can generally retire for less than older adults in other parts of the country.
| Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
|---|---|---|---|---|
| USA | $944,280 | 64 | 78.2 | $54,700 |
| South Carolina | $784,197 | 63 | 76.2 | $49,507 |
Whether your loved one has the resources they need to retire right now or not, working with an advisor is the best way to determine the next step. A financial planner can help your senior figure out how to get the most out of their resources as well, so they don’t have to worry about running out if they lose independence.
How many Charleston seniors might rely on pensions?
A Charleston financial advisor for seniors can also help your senior explore the best way to utilize their pension. But as you can see below, only a small percentage of retirees have a defined pension plan. And those that do often can’t afford all of their retirement costs through the pension alone.
Median pension plan payouts
- Fewer Than 31% of Retirees have a Defined Pension Plan
- The Median Annual Pension Benefit for a Private Plan is $9,262
- The Median Annual Pension Benefit for a Federal Government Plan is $22,172
- The Median Annual Pension Benefit for a Railroad Worker Plan is $24,592
With the help of a senior financial advisor in Charleston, you can figure out how to supplement your senior’s pension income to support them or determine the best way to deal with the fact that they don’t have one. It’s also important to keep in mind that your loved one should qualify for Social Security income, so that can help.
What to look for when selecting a senior financial advisor in Charleston
There are lots of Charleston financial advisors for seniors to choose from, so finding the best option for your loved one will take a bit of research. A good first step is to sit down with them and figure out exactly what you’d like to achieve by working with an advisor. Doing so can help you narrow down your list of options to find someone who specializes in the type of help you need.
It’s also a good idea to give your loved one the chance to talk with the candidates on your list so that you can make sure their personalities match up. They’ll likely be working with an advisor for some time, so it’s important to ensure that doing so doesn’t feel like a chore.
If you’d like more detailed information, take a look at our comprehensive guide to choosing a financial advisor for seniors to learn more.
Financial advisors for seniors in Charleston
Planning for retirement is a complicated, time-consuming process with many variables that are easy to overlook. If you want to make sure that you find the right strategy for your loved one, then hiring a senior financial advisor in Huntington or Charleston could be the right decision. They’re experts who can help you explore every avenue you need to find the best plan for your senior. You can begin searching for one today by taking a closer look at the resources on Seasons.
