How much should seniors save for retirement in Jackson?
Everybody wants to know how much money they’ll need for retirement, but a myriad of variables make the exact figure impossible to know. For example, how long a senior lives and whether they have any unexpected healthcare costs are two massive factors. Luckily, you can look at average data to estimate what your senior might need, and here is how Mississippi compares to the rest of the United States:
Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
---|---|---|---|---|
USA | $944,280 | 64 | 78.2 | $54,700 |
Mississippi | $617,661 | 63 | 74.6 | $44,758 |
Mississippi offers a much more affordable cost of living than other states, but financial planning still needs to be taken seriously. A senior financial advisor in Jackson can help your loved one determine whether they can afford to retire and what their expenses might look like, preparing them for whatever the future may hold.
Why are Jackson seniors and others expecting to work past age 65?
Many older adults plan to continue working even after reaching retirement age. Some seniors want to keep working after age 65, but many others feel like they’ll have to just to make ends meet. The reasons why are as varied as seniors themselves, but Northwestern Mutual provides three of the most common in 2019 below:
Will keep working after 65 because they don’t have enough money
Will keep working after 65 because they don’t feel social security benefits will cover their needs
Will keep working after 65 because of rising costs including healthcare
If continuing to work isn’t in the cards for your loved one, a Jackson financial advisor for seniors could help them think of other options. Sticking to a tight budget could work depending on the lifestyle your senior is accustomed to, and government assistance is available for older adults in financial need.
What to look for when selecting a senior financial advisor in Jackson
Finding a Jackson financial advisor for seniors is all about your older adult’s specific needs. Some of the questions you’ll want to ask before doing anything else include whether they want to meet online or in person, what aspects of financial planning would be most beneficial to them, and whether they have any conditions that could lead to long-term facility costs down the line. You also don’t want to trust your loved one’s financial well-being to a scammer, so verify all credentials and referrals instead of believing them blindly.
Once you have a shortlist, interview them with your senior and take note of the personal rapport that develops. If your loved one doesn’t like their senior financial advisor in Jackson, they won’t get as much out of the relationship as they should. Our comprehensive guide to finding a financial advisor for seniors includes additional tips, so please review it carefully.
Financial advisors for seniors in Jackson
Talking about money is hard even if you generally have great communication with the senior in your life, so we don’t recommend trying to make a financial plan yourself. Instead, we encourage you to use the no-cost resources provided by Seasons to set your senior up with a financial advisor who can answer all of their questions with aplomb. It could help facilitate your older adult’s independence for years to come.