How much should seniors save for retirement in Rapid City?
Does your aging loved one have enough money saved up? One of the reasons many seniors are woefully unprepared for retirement is that they simply don’t know how much they will need. The following data shows just how much people need, on average, to live comfortably in retirement, both in the US as a whole and in South Dakota in particular:
| Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
|---|---|---|---|---|
| USA | $944,280 | 64 | 78.2 | $54,700 |
| South Dakota | $738,337 | 66 | 78.2 | $50,850 |
Of course, the amount each senior needs can vary. If your senior loved one has a lot of medical bills, their needs will be higher. On the other hand, if they have fewer expenses but a big pension, they might not need as much saved up. A Rapid City financial advisor for seniors can take a look at your older adult’s situation and factor in all relevant information.
How long can seniors in Rapid City expect their retirement savings to last?
One of the major factors determining the amount your senior will need to save is life expectancy, which varies from state to state and from each individual person to another. The following data shows the most common life expectancy ranges for seniors after retirement. It’s better to be on the safe side when calculating this, as many people end up living longer than expected.
If your senior’s Social Security check will be insufficient, there may be other ways to make money. For example, investing in certain savings accounts, stocks, or other assets can yield a yearly interest or profit. Cutting costs is another way to ensure your older loved one’s savings last longer than initially expected.
What to look for when selecting a senior financial advisor in Rapid City
When picking a senior financial advisor in Rapid City, there are several things to look for. First, know what you need, so you can find an advisor who can offer those services. For example, does your senior need help investing in stocks, or do they need help creating a budget so they can afford their medical expenses? Make sure you check the credentials of the financial advisor you work with to verify they are legit and qualified. Ask about pricing. Have an initial consultation with the advisor, which will give you a chance to see if they really listen and offer strategies targeted to your senior loved one’s unique situation. Check reviews online – if the advisor has a website, take a look at it to make sure it’s modern, updated, and professional.
Our comprehensive guide to choosing a senior financial advisor has more practical information.
Financial advisors for seniors in Rapid City
A senior financial advisor in Rapid City will help your elderly loved one achieve peace of mind. You will also be able to rest easy, knowing your older adult won’t be struggling with their finances or have to work in their golden years. Let Seasons help you find a qualified Rapid City financial advisor for seniors.
