How much should seniors save for retirement in Memphis?
The process of saving for retirement can seem a bit overwhelming for workers. When trying to manage current expenses, it can be tough to also figure out how much to set aside to live a comfortable post-retirement life. Fortunately, the World Population Review has provided insight into the recommended amounts people should save nationwide and in Tennessee based on retirement age, life expectancy, and average yearly expenses:
| Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
|---|---|---|---|---|
| USA | $944,280 | 64 | 78.2 | $54,700 |
| Tennessee | $660,870 | 64 | 76.1 | $45,894 |
Your senior might be in the process of saving for retirement or has already retired and would like assistance with ensuring their funds are well managed. The good news is a reputable Memphis financial advisor for seniors can provide help with everything from estate planning to going over current insurance policies to find gaps in coverage or recommend new types of coverage.
How long can seniors in Memphis expect their retirement savings to last?
A difficult aspect of saving for retirement is not knowing whether the amount saved will last for a substantial amount of time. A healthy adult typically has no idea how long they will live, which makes estimating the savings needed for retirement even tougher. The following data highlights the likelihood of an older adult living well into their retirement years:
No one’s life is guaranteed. A person can expect to live until the age of 70 and make it to their centenarian birthday. On the other hand, a person who expects to live a long life can sadly have it cut short. When planning retirement savings, it’s a good idea to set aside an amount that reflects a long, healthy life as well as the possibility of needing long-term care. A senior financial advisor in Memphis can help your older adult make financial choices that account for these and other scenarios.
What to look for when selecting a senior financial advisor in Memphis
If you are looking for a senior financial advisor for the first time, you might feel uncertain about the best steps to take. Fortunately, there are plenty of Memphis financial advisors for seniors who are eager to work with your senior. The key is finding an advisor who is a great match for your loved one.
You can start by finding out your older adult’s financial needs and goals. Do they need help growing their retirement savings? Are they interested in debt management or tax planning? Finding this out can help guide your search. You can also check with the Certified Financial Planner board to find out which advisors in your area specialize in assisting older adults.
Once you reach out to financial advisors, you can ask if they are certified and bound by fiduciary duty. It’s also good to see if they charge a fee or commission for their services. Many experts suggest working with fee-based advisors, as opposed to commission-based.
Consider checking with national organizations like the FPA, RIA, and AARP to get more information about finding a qualified advisor. You can also consult our comprehensive guide to choosing a financial advisor for seniors for more details.
Financial advisors for seniors in Memphis
Finding the right senior financial advisor in Memphis can help make the life of your retired loved one much easier. Whether your senior wants to find affordable health insurance or grow their current savings, a certified advisor can get them on the right track. Allow Seasons to help you find a trustworthy Memphis financial advisor for seniors. Browse our listings to get started today.
