How much should seniors save for retirement in Lexington?
“How much do I need to save for retirement?” This is the eternal question and the answer varies based on variables such as how long a senior lives as a retiree and whether they require any long-term care. WorldPopulationReview.com compiles average retirement figures to give seniors a number to shoot for, and here is how the cost of retiring in Kentucky compares 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 |
| Kentucky | $738,492 | 62 | 75.1 | $47,339 |
Kentucky is more affordable than many other states, but saving for retirement is still essential. Lexington financial advisors for seniors can offer older adults practical advice on how to stick to a budget and focus on the things that matter most to them. Similarly, many seniors enjoy the peace of mind that comes with having a financial plan in place.
How much might seniors in Lexington have saved for retirement?
Most seniors understand the importance of financial planning, but life sometimes gets in the way. As a result, many older adults don’t have as much money in their retirement accounts as they should. The data below illustrates what people in two senior age brackets have saved up according to a recent survey:
These numbers suggest that you cannot assume your senior is prepared for the future. Instead, try to find them a senior financial advisor in Lexington who can encourage them to save and answer any questions they might have about the realities of living as a retiree. Removing the unknown from the equation can make retirement planning more accessible.
What to look for when selecting a senior financial advisor in Lexington
You must juggle multiple priorities when choosing a Lexington financial advisor for seniors. The first is to make sure you're considering legitimate financial professionals by verifying their credentials and the authenticity of any referrals provided. You also want to focus on candidates who specialize in your aging loved one's unique areas of need. For example, a senior in the workforce might need help with a 401(k) that an older adult who retired 20 years ago wouldn't. Interviewing multiple candidates is also a good idea as it allows your older adult to precisely articulate their goals. Interviews are a great way to identify potential personality conflicts as well, so make sure your senior has a solid rapport with their advisor. Cost is an important consideration too.
Our comprehensive guide to choosing a financial advisor for seniors provides tons of great information on how to pick the best candidate, so please review it carefully.
Financial advisors for seniors in Lexington
Money is a challenging subject for many families to talk about and there is the temptation to assume that everything is fine. Sadly, many older adults are forced to choose between essentials like food and medicine because they failed to save enough for retirement. If you want to prevent that from happening to your elderly loved one, Seasons makes it easy to start looking for a senior financial advisor in Lexington. Take a look at our resources today!
