How much should seniors save for retirement in Harlingen?
Many people turn to Harlingen financial advisors for seniors for advice on how much money they should save for retirement and discover that their circumstances and several unknown variables are in play. For instance, how long an older adult lives affects how much they’ll need but no one knows precisely how long they’ll live when they begin retirement planning. Below, you’ll find data comparing the cost of retiring comfortably in Texas 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 |
| Texas | $765,223 | 65 | 78.5 | $47,236 |
Texas is generally more affordable than the nation as a whole, but your aging loved one will still need a well-funded retirement account to make the most of their twilight years. A Harlingen financial advisor for seniors can help them identify their future expenses and craft a personalized plan that meets their needs.
What should seniors in Harlingen expect from Social Security?
Many Americans are counting on Social Security income to help them make ends meet, but those monthly checks alone generally aren’t sufficient for seniors to maintain the lifestyle they’re accustomed to. Furthermore, the number of people receiving Social Security has increased dramatically as more Baby Boomers reach age 65 as illustrated below.:
Social Security is a valuable income stream for seniors but isn’t a retirement plan by itself. A Harlingen financial advisor for seniors can show your older adult how to make the most of their benefits while also exploring other sources of income such as the stock market or real estate investments.
What to look for when selecting a senior financial advisor in Harlingen
The first step to choosing a financial advisor is making sure that every candidate you’re considering is a legitimate financial professional. Organizations such as the AARP, RIA, and FPA provide helpful resources for this, and our comprehensive guide to choosing a financial advisor for seniors contains valuable insights as well. You should also consider your aging loved one’s specific needs and look for advisors who have demonstrated expertise in those areas. Make sure that each candidate is upfront about what their services will cost, and don’t be afraid to look elsewhere if a potential advisor is giving off a bad vibe.
You shouldn’t make your final decision without involving your aging loved one either. Interviewing candidates is a great way to see if your senior gets along with them, and a rapport is essential to making the most of the relationship. Ultimately, your senior must feel comfortable discussing potentially sensitive matters with their advisor.
Financial advisors for seniors in Harlingen
Discussing money can cause tension within families and it’s completely understandable why you might feel hesitant to get involved. That’s why you should make sure that your senior has access to a financial professional who can help them plan for retirement. Seasons provides the no-cost resources you need to start searching for a qualified senior financial advisor in Harlingen, Brownsville, Weslaco, McAllen, and the nearby areas, so why not bring in professional help to ensure that your older adult has a solid financial plan? Your senior will thank you.
