How much should seniors save for retirement in Spokane?
A variety of factors can impact the amount a person should save for retirement. Their location, anticipated expenses post-retirement, and age they expect to retire can all make a difference. While making a perfect estimate can be tough, the World Population Review offered an overview of the amount a person should save for retirement in Washington and at the national level to live comfortably:
| Savings required to live comfortably | Average retirement age | Average life expectancy | Average yearly expenses | |
|---|---|---|---|---|
| USA | $944,280 | 64 | 78.2 | $54,700 |
| Washington | $1,090,000 | 64 | 80 | $56,890 |
Once a person retires, it’s important that they’re able to manage their savings and income responsibly to avoid encountering financial challenges. Whether your loved one needs help budgeting their money, paying off or managing debt, or finding an affordable health insurance policy, they can get the assistance they need from a senior financial advisor in Spokane.
How much might seniors in Spokane have saved for retirement?
Saving for retirement is often not a huge priority for workers who are more focused on managing their current financial needs. In fact, recent data shows that more than half of Americans don’t know the amount they should save to retire comfortably. Let’s take a look at information from TD Ameritrade that highlights the average amount seniors aged 60 to 79 have saved:
While saving as much as possible is a good way to increase one's likelihood of financial stability post-retirement, there is no guarantee that a person who has saved $500,000 will live more comfortably than a person who saved $400,000. If the person with more savings has more expenses, they might experience greater financial challenges. This is why it's important for your loved one to work with a senior financial advisor who can help make the most of their savings and income.
What to look for when selecting a senior financial advisor in Spokane
When getting started with your search for a qualified Spokane financial advisor for seniors, it's important to find out your senior's specific financial needs. They can let you know if they need help with preparing their estate, want assistance with tax planning, or have other financial needs.
Once you reach out to advisors, it's good to ask if they are fee-based or commission-based. Many experts recommend working with fee-based advisors since those who work on commissions sometimes have a reputation for prioritizing the products they sell over working in the best interests of their clients. You'll also want to find out if advisors are bound by fiduciary duty and have a certified financial planner (CFP) designation. If you want to find an advisor who is sensitive to the needs of older adults, you can check with the Certified Financial Planner (CFB) board to see which certified advisors focus their efforts on advising seniors.
It's a good idea to look to national organizations like the FPA, RIA, and AARP to enhance your search for advisors. Feel free to also explore our comprehensive guide to choosing a financial advisor for seniors.
Financial advisors for seniors in Spokane
A senior financial advisor in Spokane can help your loved one age in place independently and gracefully by keeping them on the right financial track. If you're not sure how to find a financial advisor, Seasons is happy to help. Explore our listings for Spokane financial advisors for seniors today to find a good match for your senior.
