A recent survey highlighted what may be a disconnect between expectation and strategy as it relates to client retirement planning. According to a report, 51% of women said they were looking forward to retirement, a considerably higher amount than 41% of men.
While your clients turn to you for financial advice, that doesn’t mean they aren’t seeking out information on their own, whether that’s from blogs, news reports or their peers. Though seeking to understand as much as possible about their finances in general and retirement specifically is admirable, there is plenty of misinformation available. Here are some of the myths your clients may have heard that you should dispel quickly:
The U.S. is currently faced with the largest generation in its history to reach retirement. And while the baby boomers broke records due to the massive population spike, that doesn’t mean the should reinvent the age to retire.
According to a recent study, more than 85 percent of women are the chief purchasing officer or financial decision maker in their household.
When you’re making financial plans with your clients, the traditional age to plan on retiring is 65.
A LIMRA Secure Retirement Institute survey revealed that among consumers aged 50 -75 with $100,000 or more in household income women are more likely than men to be concerned about running out of money in retirement (46 percent vs. 35 percent).
When you’re talking to your clients about retirement planning, there are a lot of options on the table. While they certainly trust you when you recommend a Roth IRA over a traditional one or let them know what they need to include in their estate plans, what about the choice of where to live?