How much should seniors save for retirement in Myrtle Beach?
If your loved one is trying to determine on their own how much money they should set aside to live comfortably in retirement, they might not be sure where to start. Fortunately, experts have created estimates. This data from the World Population Review provides insight into the amount a person should save before retiring in South Carolina:
| Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
|---|---|---|---|---|
| USA | $944,280 | 64 | 78.2 | $54,700 |
| South Carolina | $784,197 | 63 | 76.2 | $49,507 |
While estimates like those above can give your loved one a great idea of a savings amount to shoot for, their specific circumstances will dictate the actual amount they need to live comfortably. A reputable senior financial advisor in Myrtle Beach can use their expected age of retirement, projected expenses, health concerns, and other determining factors to find a target amount. An advisor can also help set up retirement funds and other investments to reach for the target goal.
Does senior confidence in finances increase when working with a financial advisor in Myrtle Beach?
Managing personal finances can be quite intimidating for some people who don’t have a lot of experience with the complex nature of the financial sector. But do a lot of people feel this way? The following 2019 data from Northwestern Mutual looks at the confidence level of people who manage finances on their own and with a financial advisor:
A couple of reasons that people have more confidence in financial advisors than themselves could be that advisors have a higher level of expertise and are often able to yield better results. But in order to get the best results from a senior financial advisor in Myrtle Beach, you’ll want to find someone whose services closely align with your senior’s financial needs.
What to look for when selecting a senior financial advisor in Myrtle Beach
The process of finding a reputable senior financial advisor in Myrtle Beach or Florence can be challenging if you’re searching for the first time. Your goal is to take note of your loved one’s financial needs and then find an advisor who can provide the greatest assistance. A good way to start is by asking around for recommendations. You can also check reviews of local financial firms to develop a list of prospects.
Once you have your list, start reaching out to advisors. Questions you can ask include whether or not they are certified and bound by fiduciary duty. You can also find out if they charge a flat fee for their services, as opposed to working on commission. It’s totally fine to ask advisors for referrals, but you’ll want to make sure that those individuals are not being paid to provide positive reviews.
It’s a good idea to consult the Certified Financial Planner board’s list of certified advisors to see which ones focus on working with seniors. Other national organizations that can help with your search for advisors include the FPA, RIA, and AARP. Feel free to review our comprehensive guide to choosing a financial advisor for seniors, too.
Financial advisors for seniors in Myrtle Beach
Working alongside a trustworthy Myrtle Beach financial advisor for seniors can improve your older adult’s ability to age in place in financial comfort. In addition to bolstering their retirement savings, your senior can get help with planning their taxes, choosing affordable health insurance, preparing their estate, avoiding predatory financial scams, and much more. Allow Seasons to assist with your search. Explore our listings for Myrtle Beach financial advisors for seniors today.
