How much should seniors save for retirement in Honolulu?
The amount a person needs to save for retirement can vary depending on factors that include the expenses they will have post-retirement, the income they expect from Social Security or a pension, and the cost of living in the location they plan to reside. The following World Population Review data provides insight into the money retirees nationwide and in Hawaii need in order to live comfortably:
| Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
|---|---|---|---|---|
| USA | $944,280 | 64 | 78.2 | $54,700 |
| Hawaii | $1,840,000 | 66 | 81.5 | $99,170 |
If your senior needs help with saving enough for retirement or would like assistance with managing the money they have already saved, they can benefit from working alongside a reputable Honolulu financial advisor for seniors. They can get help with investing, paying off debts, budgeting, and much more. A financial advisor for seniors can also help your loved one avoid scams and other threats to their money.
How many Honolulu seniors might rely on pensions?
A pension is a large fund that employees contribute to over time with the intention of receiving income in the form of periodic payments that are distributed in retirement. While more than half of U. S. adults rely on Social Security income in retirement, some people receive pensions. Here is information regarding pension plan payouts:
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
No matter the manner in which your senior receives retirement income, it’s important that they know how to manage their money wisely. A senior financial advisor in Honolulu can help your loved one in many ways, including locating affordable health and long-term care insurance, planning taxes, making end-of-life plans, and more. Of course, it’s important to find an advisor with a great reputation who has your senior’s best interest at heart.
What to look for when selecting a senior financial advisor in Honolulu
Your loved one’s financial security in retirement is extremely important, which means finding the right financial advisor for seniors is crucial. You don’t want to connect your older adult with someone they can’t trust. Fortunately, there are steps you can take to find the right senior financial advisor in Honolulu.
First, consider reaching out to people you know for recommendations. After you’ve compiled a list of prospects, begin reaching out to advisors. As you speak with them, it’s important to make sure they specialize in areas of importance for your loved one. Can they help with estate planning? Are they able to review your senior’s insurance policies to find gaps? These are just a few questions to consider asking advisors.
You can also ask whether they are fee-based advisors, as opposed to commission-based. It’s good to see if they have a certified financial planner (CFP) designation and are bound by fiduciary duty. National organizations like the RIA, AARP, and FPA can provide even more insight into finding a qualified advisor.
Learn even more about this topic by consulting our comprehensive guide to choosing a financial advisor for seniors.
Financial advisors for seniors in Honolulu
Getting assistance from a senior financial advisor can help your loved one age in place comfortably. They don’t have to attempt to manage their finances alone when there are qualified professionals to help. Seasons is proud to assist your search for the right advisor. Review our listings for Honolulu financial advisors for seniors today.
