How much should seniors save for retirement in Tucson?
Every individual has different retirement savings needs. Factors such as your retirement age, average life expectancy, and cost of living are among the main factors determining how much you need to put away. The data shown below shows how much people need to save up, on average, to retire comfortably in Arizona and the United States 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 |
Arizona | $1,010,000 | 63 | 79.2 | $52,140 |
Obviously, other factors may also come into play. The amount your loved one is getting each month from Social Security will make a difference, and if they have significant medical expenses not covered by insurance, they will need to have more saved up. Either way, a financial advisor can help calculate your loved one’s expenses and develop a savings and budgeting plan to help them enjoy a higher quality of life in retirement.
Why are Tucson seniors and others expecting to work past age 65?
When you look at the data above, you’ll realize that many older individuals simply don’t have nearly enough money saved up before they retire. While that’s a major reason seniors in Tucson are expecting to work past the age of 65, it’s not the only one. Data shows the following about the top reasons people continue working past the age of 65 when they should be relaxing:
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 their whole life anticipating retirement only to need to work again in their golden years, when they’re supposed to be enjoying their time with their family and loved ones, because they don’t have enough money. If you feel your loved one isn’t prepared for retirement, whether due to rising healthcare costs or insufficient Social Security income, enlist the help of a senior financial advisor in Tucson or Sierra Vista.
What to look for when selecting a senior financial advisor in Tucson
When searching for a Tucson financial advisor for seniors, ensure they can meet your loved one’s needs. You must first know what they need, though. Does your older relative need to figure out how to budget for healthcare costs? Or are they considering investments that will offer financial stability in retirement? You may want to ask for references or read reviews from previous clients before choosing a financial advisor for seniors in Tucson. Additionally, you should ask about their prices and ensure they have the proper qualifications and credentials.
Our comprehensive guide to choosing a financial advisor for seniors can help you in your search.
Financial advisors for seniors in Tucson
To help your loved one live well while aging in place, you must first ensure they are on solid financial ground. A senior financial advisor in Tucson or Sierra Vista can help your loved one take stock of their financial situation and plan ahead. Use our listings to get started today with your search.