How much should seniors save for retirement in Macon?
Recent data suggests that seniors in Georgia can expect a slightly cheaper overall retirement compared to the national average. But while these expenses might be lower compared to other states, they are still definitely worth considering. The best way to take advantage of these lower costs is to form a solid plan with the help of a senior financial advisor in Macon.
| Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
|---|---|---|---|---|
| USA | $944,280 | 64 | 78.2 | $54,700 |
| Georgia | $796,984 | 63 | 77.1 | $46,771 |
You also need to consider that the average senior in Georgia will spend about $46,000 per year in order to live comfortably. Of course, the total cost of your senior’s retirement depends on how many years they will live. And because of new medical innovations, lifespans in the United States are constantly extending further and further.
How long can seniors in Macon expect their retirement savings to last?
According to recent data, the chances of living for 30 years after retirement are actually quite slim — with only 5% of seniors reaching this milestone. The vast majority of seniors can expect to live for 10 years after retirement. This means that a 10-year plan put in place by a Macon financial advisor for seniors could be sufficient for your loved one’s needs.
Of course, the best plan for your senior depends entirely on their unique needs. For example, your senior’s side of the family might have a history of living well into their 90s. On the other hand, your family history could involve shorter lifespans with certain genetic issues. Whatever the case may be, the best way to develop a personalized retirement plan is with the help of a Macon financial advisor for seniors.
What to look for when selecting a senior financial advisor in Macon
Because it’s so important to strive for a personalized retirement plan, you should avoid Macon financial advisors for seniors that promote a “one-size-fits-all” approach. If your financial advisor seems like they’re already certain about what your senior needs without even listening to your side of the story first, you might want to search for someone else. The best financial advisors are truly creative with the ability to adapt and cater to each of their clients’ needs. For example, your senior might have real estate property that could potentially fund their entire retirement if they sell it or rent it out. But what kind of tax implications might this create according to Georgia law? This is just one way in which a Macon financial advisor for seniors can deliver personalized action plans. If you’d like to learn more about this process, check out our comprehensive guide to choosing a financial advisor for seniors.
Financial advisors for seniors in Macon
Although planning your senior’s retirement can feel a little scary, the most important thing is to take action. The longer you wait, the more uncertain the future becomes. Get help from a financial advisor, and you can cross one more item off your long list of responsibilities as a caregiver. Browse Seasons’ listings today to find local options nearby.
