How much should seniors save for retirement in Reno?
To figure out how much your elderly loved one will need for retirement, you’ll need to calculate their yearly expenses, which may be different after retirement, when all their children are adults and self-sustaining. Furthermore, you’ll need to know the average life expectancy. Here is how much seniors need to save up for retirement in the state of Nevada and the US as a whole:
Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
---|---|---|---|---|
USA | $944,280 | 64 | 78.2 | $54,700 |
Nevada | $1,010,000 | 63 | 78 | $56,373 |
Your senior’s situation is unique, which is why it would be helpful to sit down with an experienced Reno financial advisor for seniors who can take all the relevant factors into account. For example, if your senior has a lot of medical bills, they may need more saved up. If they are getting a big Social Security check every month, the amount they need to save might be less.
Why are Reno seniors and others expecting to work past age 65?
Nobody should be forced to work after retiring, but many people do just that. Even if it’s just a part-time job, working can be much more difficult for someone who is older and has less energy. So, why are people choosing to work after they turn 65? It’s not because they want to. Instead, it’s primarily because of the following reasons:
Will keep working after 65 because they don't have enough money
Will keep working after 65 because they don't feel Social Security benefits will cover their needs
Will keep working after 65 because of rising costs including healthcare
If your older loved one can’t work, the burden of supporting them might fall on their children and other caregivers. That’s why planning ahead with a Reno financial advisor for seniors is so important. It’s the best way to explore different options and hear from an expert how to live as comfortably as possible in old age.
What to look for when selecting a senior financial advisor in Reno
There are a few things that are essential in a senior financial advisor in Reno. First, you need to make sure that the advisor is properly certified and has the right credentials. Anyone can call themselves a financial advisor, so make sure they are legit. Furthermore, you’ll want an advisor with a significant amount of experience – particularly experience with seniors. Some financial advisors might offer an initial consultation for free. That will give you a chance to feel what working with them would be like and whether they take the time to understand your elderly loved one’s needs and find appropriate solutions to their problems. Finally, make sure they charge reasonable rates and you can afford to work with them long term.
Read our comprehensive guide to choosing a senior financial advisor for more information on what to look for.
Financial advisors for seniors in Reno
Discussing money and crunching numbers with a senior financial advisor in Reno isn’t always fun. However, it’s an essential part of preparing for retirement. Your older loved one will thank you, and it will give both of you peace of mind. Let Seasons assist you as you search for qualified Reno financial advisors for seniors.