How much should seniors save for retirement in Sioux Falls?
How much does your older loved one really need to retire without worrying about working again? That depends on their age of retirement, how many more years they will live, and how much they will spend each year. It’s helpful to look at the average amounts retirees need to live comfortably, both in the US as a whole and 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, your senior might face specific challenges, like a lack of a pension, a small Social Security check, or a chronic medical condition that increases expenses due to frequent treatments. A senior financial advisor in Sioux Falls can come up with specific ways to address those challenges, such as finding lower-cost treatments or signing up for an insurance plan that covers them.
Why are Sioux Falls seniors and others expecting to work past age 65?
While most people look forward to retiring around the age of 65, as they approach that age, they realize they will have to continue working. That can be pretty devastating, but why does it happen? Here are the top reasons seniors will continue to work after the age of retirement:
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
Nobody should be forced to work in their old age, even if it’s just part-time. Having a solid savings plan and working with a Sioux Falls senior financial advisor can help avoid that. Furthermore, a financial advisor can help your aging loved one protect their assets against fraud, scams, and identity theft.
What to look for when selecting a senior financial advisor in Sioux Falls
When searching for a Sioux Falls financial advisor for seniors, there are a few things worth considering. Here are some simple steps to start your search:
- Find a financial advisor with the proper credentials. Anyone can call themselves a financial advisor, but are they certified?
- Look for experience. Someone who is new to the game may not have as much hands-on experience. Furthermore, you want someone who specializes in helping seniors deal with their specific challenges.
- Read reviews online. Ask for references so you can hear first-hand from previous clients who have achieved success following the advisor’s advice.
- Check what kind of consultations the advisor offers. Are they available to answer questions via text message? Are they only available via video chat, or can they also meet in person?
- Make sure they can work with your senior’s specific needs, whether that’s creating a budget or investing in stocks.
Financial advisors for seniors in Sioux Falls
A financial advisor can help provide peace of mind for you and your aging loved one. They’ll be able to rest in their retirement years, knowing they have a solid financial plan going forward and won’t have to struggle with basic expenses. Let Seasons help you find a Sioux Falls financial advisor for seniors today.
