How much should seniors save for retirement in Chattanooga?
Your loved one would need to save a lot of money for retirement no matter where they lived in the United States. But as you’ll see below, the amount is much lower in Tennessee than it is elsewhere. This could make it easier for your senior to get the resources they need to quit working sooner.
| Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
|---|---|---|---|---|
| USA | $944,280 | 64 | 78.2 | $54,700 |
| Tennessee | $660,870 | 64 | 76.1 | $45,894 |
Whether your senior has a lot of money or not, they can get value from working with a professional who knows exactly what older adults need to do to ensure a healthy, happy retirement. For example, your loved one’s advisor could help them evaluate the benefits of renting versus owning a home or work with them on budgeting their pension to last.
How long can seniors in Chattanooga expect their retirement savings to last?
One thing to keep in mind is that life expectancies are starting to increase as medical advancements continue occurring. That means your loved one may need to plan for more years of life than they expected to when they first came up with a retirement strategy. You can look below to see how long seniors can expect to live after retiring.
Your loved one’s lifespan will, obviously, depend on their health. But a senior financial advisor in Chattanooga can ensure that they have enough money to live on in the event that they stay healthy for a very long time. They can get your senior going with a sustainable spending plan that can last a lifetime. This can eliminate a lot of financial stress from their life.
What to look for when selecting a senior financial advisor in Chattanooga
As you start looking for a Chattanooga financial advisor for seniors, you’ll see that there are quite a few options to choose from. The right fit for your family could depend on lots of factors.
For example, you might want to focus on finding a Chattanooga financial advisor for seniors who specializes in dealing with certain types of financial issues like investment strategies. Or maybe you want to make sure that you find a professional who has a personality that meshes well with your loved one. It could also be helpful to find an advisor with certain qualifications or a particular academic background.
If you’d like to get more detailed guidance on this, check out our comprehensive guide to choosing a financial advisor for seniors. It’s got a ton of great details that should help.
Financial advisors for seniors in Chattanooga
Your loved one has spent a lifetime working towards retirement, and they deserve to enjoy it. Hiring a financial advisor could make it easier for them to do that by ensuring that they allocate their resources in the best ways possible. It could be just what they need to have a worry-free retirement.
So why wait? You can take the first step toward finding an advisor for your loved one by taking a closer look at the resources on Seasons today.
