How much should seniors save for retirement in Paducah?
While research indicates that retired seniors need significantly less to live comfortably in the state of Kentucky, this does not mean that there is no need to be proactive about planning for the future. Live expectancy is getting higher and higher making it more likely that seniors could live longer than they had planned.
| 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 |
Getting older is hard enough without also having to worry about whether your retirement savings will run out and place you in a financially precarious position. Working with a Cape Girardeau, Harrisburg, or Paducah financial advisor for seniors can ensure that your loved one does not find themselves facing this reality.
What should seniors in Paducah expect from Social Security?
According to statistics, the number of seniors relying on Social Security benefits has been increasing at a rapid rate. The unfortunate reality, however, is that these benefits are far from enough to cover all the living person of a senior citizen. This means that another source of income will be necessary for many seniors to meet their needs.
While some lifestyle adjustments are necessary once seniors retire, this does not mean they have to struggle financially. Financial planning with the help of a Paducah financial advisor for seniors can make sure that your senior is able to achieve financial security and enjoy a good quality of life throughout their golden years.
What to look for when selecting a senior financial advisor in Paducah
To start, think about the services that your loved one might need from a senior financial advisor in Paducah as this will help you narrow down your search. Do they simply need some guidance to get them started or are their finances quite complicated, requiring the assistance of a specialist? Do they need someone to help them manage their financial affairs or do they simply need help to set up a budget and stick to it. Due to the fact that seniors are often victims of scammers and other unscrupulous people, it is crucial to thoroughly vet any financial advisor that you are considering. Verify their qualifications and check their standing with professional bodies and consumer watchdogs that record client complaints and concerns such as the Better Business Bureau. Don’t forget to ask for references and follow up with each one. The smart thing to do is talk to as many potential financial advisors as possible to better enable you to compare services and prices. For more information, check out our comprehensive guide to choosing a financial advisor for seniors.
Financial advisors for seniors in Paducah
Paducah financial advisors for seniors can be a fantastic resource to help your senior achieve financial security and grow old with their dignity fully intact. With a solid financial plan in place for your senior, you can be sure that they will never have to struggle to meet their basic needs or sacrifice their self-reliance and independence. Let Seasons guide you on your search for the right service provider for your senior.
