How much should seniors save for retirement in El Paso?
As you start looking into your options for an El Paso financial advisor for seniors, one thing you’re likely to ask is just how much money does your senior need to retire. The good news is that older adults in Texas need less money to retire than the average senior in the United States does, as you can see below.
| Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
|---|---|---|---|---|
| USA | $944,280 | 64 | 78.2 | $54,700 |
| Texas | $765,223 | 65 | 78.5 | $47,236 |
Although it takes less money to retire in Texas, your senior will still need to come up with a hefty sum in order to do it. This is a really challenging thing to do without a good plan, which is another reason why connecting with an El Paso financial advisor for seniors could be the right move for you.
How many El Paso seniors might rely on pensions?
Many older adults in Texas don’t have to worry about covering the entire cost of retirement on their own. For example, some seniors have pensions, and most will receive Social Security checks. But as you can see below, only about 30% of retired older adults actually have a defined pension plan.
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
Working with a senior financial advisor in El Paso can be a good decision regardless of whether your loved one has a pension. If they do have a pension, then their advisor can help them get as much out of it as possible. If they don’t, then your senior’s advisor can help them explore alternative options for getting the income they need to live comfortably.
What to look for when selecting a senior financial advisor in El Paso
When you’re ready to hire an El Paso or Las Cruces financial advisor for seniors, there are a few factors to consider. One is the qualifications of your candidate advisors, including years of experience, academic background, and certifications. You may even want to look for an advisor who specializes in a certain financial topic if your senior has specific goals.
Once you’ve narrowed down your list a bit, you can begin reaching out to the remaining El Paso financial advisors for seniors so that you and your loved one get the chance to meet them. This is an important step, as your loved one is likely going to have a relationship with this person for a long time. You want to make sure that your senior is comfortable with their personality and communication style before committing to that.
If you’d like to get more detailed guidance on this decision-making process, take a look at our comprehensive guide to choosing a financial advisor for seniors to learn more.
Financial advisors for seniors in El Paso
Finding the right financial advisor for your loved one could alleviate their stress and ensure they have enjoyable and abundant golden years. So why not get started? You can begin today by using the resources on Seasons to discover the top local providers and begin doing your research. We hope we can help you find the right fit for your senior.
