Many clients of yours desire to enjoy their retirement years by spending more time with loved ones and pursuing their passions. However, retirement planning often neglects the discussion of post-retirement risks, such as the possibility of outliving one’s assets due to unexpected early retirement, improper allocation of retirement funds, and elder fraud.
Here are 3 Things to Discuss with Your Clients to Ensure they are Prepared For the Unpredictable World of Aging and Retiring!
1. Discuss Employer Retirement Plans, and Revisit them Frequently. Doing this once a quarter while also taking time to revisit finances can be important in making sure they are fully ready for the changes to come. Asking questions like “What kinds of monthly expenditures will be affordable once your paycheck ends?” & “Where are you willing to reduce spending to save more in the long run?” is a great first step in making sure they are prepared!
2. Remind your clients of the golden rule, never keep all your eggs in one basket. Retirement funds exist once and then they’re gone, your clients moving part of their money to a safe money solution like a fixed indexed annuity could make or break the retirement they experience! This makes it so they do not have to worry about running out of money too soon/too quick!
3. Beware of Elder Fraud. Keep an eye out for your clients the same way you would friends and family, does it seem as though they have a good network of family and friends to help protect them from getting thousands of dollars taken? Either way, best to make sure you know your client fully understands the importance of verifying financial requests no matter if it’s on the phone, online or in person; as well as common tactics “phishers” and people who commit elder fraud use!