How much should seniors save for retirement in Savannah?
Although research indicates that, on average, senior citizens in the state of Georgia are able to comfortably live on less than the national average, seniors these days are living much longer than expected. This means that projections such as these below could look very different in a few years, especially with advances in medical technology happening more rapidly than ever before.
Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
---|---|---|---|---|
USA | $944,280 | 64 | 78.2 | $54,700 |
Georgia | $796,984 | 63 | 77.1 | $46,771 |
It is important to be as proactive as possible when it comes to financial planning for your senior’s future. With the expert assistance of a Savannah financial advisor for seniors, you can ensure that your loved one remains financially secure and comfortable even if they live far longer than expected.
How many Savannah seniors might rely on pensions?
The extent to which senior citizens are able to afford the medical care they need as their health declines with age, as well as the assistance required to safely age in place, depends on how well they planned for their retirement. The figures below show how, without proper financial planning, many seniors are likely to fall short of what they need to live comfortably.
Median pension plan payouts
- Fewer Than 31% of Retirees have a Defined Pension Plan
- The Median Annual Pension Benefit for a Private Plan is $9,262
- The Median Annual Pension Benefit for a Federal Government Plan is $22,172
- The Median Annual Pension Benefit for a Railroad Worker Plan is $24,592
As you can see above, even if your loved one has been diligently paying into a pension plan in their working years, the payouts are not necessarily going to cover all of their needs. A Savannah financial advisor for seniors can help your senior avoid the pitfalls that far too many older adults fall into.
What to look for when selecting a senior financial advisor in Savannah
A good place to start is by considering your loved one’s specific needs and circumstances. For example, do they need help with their day-to-day finances and cutting down on unnecessary expenses? Do they have assets and investments they need help managing? Do they need help with short-term or long-term financial planning. You’ll want to ensure that the financial advisor that you select has the right qualifications and that their standing is good with the relevant professional bodies and organizations that regulate the industry. You can also check with consumer agencies such as the Better Business Bureau. Don’t hesitate to ask for references, but make sure to ask whether the referees receive any compensation.
If possible, meet with a few Savannah financial advisors for seniors so that you can compare the services they offer and get a sense of what they are like to see if they will gel well with your senior. Our comprehensive guide to choosing a financial advisor for seniors can also help you figure out what to look for.
Financial advisors for seniors in Savannah
Your senior’s quality of life, and their ability to grow old with dignity and maintain their independence while safely aging in place all depend on their financial security. Make sure that they never have to struggle to pay for their basic necessities by relying on the expertise of a senior financial advisor in Savannah.