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Help clients meet their changing retirement needs

Some clients may come to you without a financial plan for retirement

Although three in four workers are saving for retirement through an employer-sponsored plan or outside work, 44 percent say they've guessed how much money they should have saved by retirement and only 25 percent have their retirement strategy written down, according to the . With tens of thousands of baby boomers reaching retirement age every day, how can this happen?

It could be that they're focused on the here and now, and they're not even thinking about retirement. They may feel it's too early to start planning. They could be procrastinating. Or the idea of retirement planning may seem complex and unapproachable.

Whatever the reason, it all comes down to the importance of client education. The time is always now to develop a plan and start saving for retirement. For those who have a plan, it's important to conduct regular reviews to make sure everything is on track.

Even the best laid plans can change

 of today鈥檚 retirees stopped working earlier than they planned, mainly due to health issues or job loss. Clients should have an income plan in place that accounts for this. Health care costs, another unknown, will be one of the most significant expenses in retirement, according to a .

Taking care of a loved one is another variable to consider in addition to age expectancy. About  65-year-olds today will live until at least age 90, and one out of seven will live until at least age 95. These are important factors to consider in any strategy for dealing with health care expenses in retirement.

An annuity can help your clients adapt to life鈥檚 changes

Annuities give your clients the ability to help plan for future income needs. Most also include liquidity provisions that can help with the unexpected from annual free withdrawals.¹

These features, combined with the possibility for a 鈥渞etirement paycheck鈥� that鈥檚 guaranteed for life and growth that is protected from downside market risk, make annuities a solution that may help your clients that can also adapt to changing retirement needs.²

Insights on 麻豆传媒 Connect. Tips, tools and resources to grow your business by helping clients retire with confidence.

1 Withdrawals and surrender may be subject to federal and state income tax and, except under certain circumstances, will be subject to an IRS penalty if taken prior to age 59 陆. Withdrawals are not credited with index interest in the year they are taken. Withdrawals in excess of the free amount are subject to a Withdrawal Charge or Market Value Adjustment which may result in the loss of principal if taken during the first specified years of the contract. Withdrawals are based upon the Accumulated Value of the last Contract Anniversary.

2 Guaranteed lifetime income is available through annuitization or an income rider. Income riders may be built in to the contract or optional for a charge. Guarantees provided by annuities are subject to the financial strength of the issuing insurance company.