How much should seniors save for retirement in Flint?
The biggest retirement question is also the hardest to answer as unknowable variables like a senior’s lifespan and long-term care needs play a big role in determining how much money they’ll need for retirement. That said, average figures can provide some insight into how much money a senior might need. Here is how the cost of retiring in Michigan stacks up to the national average:
| Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
|---|---|---|---|---|
| USA | $944,280 | 64 | 78.2 | $54,700 |
| Michigan | $864,929 | 62 | 77.6 | $46,203 |
Michigan is more affordable than many other parts of the country, but that doesn’t mean your older adult can afford to rest on their laurels. The sooner your older adult begins working with an experienced Flint financial advisor for seniors, the sooner they will see a difference in their retirement account.
How long can seniors in Flint expect their retirement savings to last?
Just as we used the average cost of retirement by state to estimate what seniors might need to live comfortably, we can use average figures to guesstimate how long a senior’s money will have to last post-retirement. Forbes has already crunched the numbers and come up with the following statistics:
If your loved one has a medical condition that compromises their life expectancy, that doesn’t always mean that they’ll need less money. Long-term facility care can get expensive. The best thing to do is set your older adult up with a senior financial advisor in Flint, Bay City, or Saginaw who can create a retirement plan tailored to your loved one’s specific needs.
What to look for when selecting a senior financial advisor in Flint
With so many Flint financial advisors for seniors to choose from you might be wondering how to find the best candidate. The secret is to take your time and check off your loved one’s needs one by one. First, look for candidates who have demonstrable expertise in the specific areas of financial planning that your senior needs help with. Ask your loved one how they would like to meet their financial planner and rule out any prospects who will not accommodate their wishes. Verify that any referrals provided are authentic and double-check any credentials that a finance pro claims to possess. You should also interview multiple candidates so your loved one feels comfortable opening up about their specific financial needs.
Look to trustworthy sources of information such as the RIA, AARP, and FPA for additional tips on how to find a great financial planner. Of course, our comprehensive guide to choosing a financial advisor for seniors is also an excellent source of information.
Financial advisors for seniors in Flint
You don’t want your loved one to spend their retirement years struggling to pay the bills or choosing between necessities like prescription drugs and utilities, and you’re reluctant to take an active role in your senior’s financial life. We get it. Seasons provides a variety of free resources to help older adults and their families connect with a certified Flint financial advisor for seniors who can help manage all aspects of your loved one’s financial life.
