How much should seniors save for retirement in Sioux City?
Do you know how much your senior really needs to live comfortably in retirement? It depends on their age of retirement, life expectancy, and yearly expenses. While that can vary for each person, it’s helpful to look at the averages. Here’s how much seniors need to save if they want to retire in comfort, both in the US as a whole and in Iowa in particular:
| Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
|---|---|---|---|---|
| USA | $944,280 | 64 | 78.2 | $54,700 |
| Iowa | $820,698 | 65 | 79.4 | $47,494 |
If your older loved one is retiring early, or if they have a lot of yearly expenses due to chronic medical conditions, they might need to save up more. On the other hand, if they are one of the lucky few to receive a sizable pension each month due to working at a good job their whole life, they might need to save up less. Work with a Sioux City financial advisor for seniors to come up with an individualized savings plan.
How long can seniors in Sioux City expect their retirement savings to last?
One of the most important factors that will determine how much your senior needs saved up is how many years they will be living after retirement. That depends both on the age of retirement and their overall state of health. The following data shows the likelihood of living 10, 20, or 30 years after retirement:
There are other important aspects to financial planning as well. It’s not all about creating a savings plan or investing in stocks. Many seniors fall victim to fraud or scams, which can devastate their savings and ruin them financially. A financial advisor can come up with ways to protect their assets from fraud.
What to look for when selecting a senior financial advisor in Sioux City
When searching for a senior financial advisor in Sioux City, first verify that they are who they say they are. They must have the proper certifications and qualifications to offer financial advice. Look at their track record. Do they have enough experience advising seniors in particular? Are they attuned to the specific challenges that older Americans face? You should have an initial consultation with the advisor – many will offer a consultation for free. That will give you a chance to discuss goals and figure out whether you get along with the advisor. Since your relationship with them may be long-term, it’s important to ensure you and your older loved one enjoy working with them, and they listen to your concerns.
Our comprehensive guide to choosing a senior financial advisor has more information on what to look for.
Financial advisors for seniors in Sioux City
Talking about money isn’t always fun. It can be difficult and stressful, but it’s an essential step when preparing for retirement. It’s the only way to make sure your older loved one has a plan going forward and can receive continual guidance from a professional. Let Seasons help you find a Sioux City financial advisor for seniors today.
