"I have a client who wants to know how to manage retirement"...What a planner needs to understand about retirement risks and retirement readiness
What are the major financial risks of extended life?
We discuss the implications of living to an older age. We learn about several products and strategies that can be used including annuities, ALDAs, delayed Social Security claiming, long term care insurance, and increasing equity holdings in the portfolio.
What are some unfortunate events with which retirees must cope?
We look at the implications of financial fraud, property casualty issues, and the financial needs of family members. We learn not to let the family take more than the retiree can afford to give and how to recognize and cope with the other threats.
What health care risks do clients face in retirement?
We discuss the financial and physical risks clients face in retirement. We learn how to protect ourselves against the advent of bad health and frailty with traditional financial planning solutions and support networks.
What affect does the loss of a spouse have on retirement security?
We discuss the affect of a spouse dying on the widow(er). We learn that clients underestimate the impact of a death on their financial security and that for every $1,000 a couple requires the widow(er) will require $750.
How can disability derail a retirement plan?
We look at the impact that long term disability has on retirement. We learn how the client is treated different if they have a defined-benefit plan instead of a defined contribution plan.
What issues need to be considered by near retirees to make informed retirement decisions?
We examine a laundry list of decisions facing a person about to retire. We learn that planning involves many, many considerations.
What methodology should advisors use to see if a client is ready for retirement?
We look at the decisions that must be considered in order for a client to retire. We learn that there are both financial and life planning issues that need to be considered.
What are the retirement decisions facing most clients?
We examine a variety of retirement decisions facing your client. We conclude that the help of an advisor is necessary and we become aware of how different decisions interrelate.
What is the impact of deferring retirement age on retirement income adequacy?
We review data about the impact of deferring retirement and learn that deferral has the most significant impact on the retirement readiness of lower-income workers.
Have retiree financial attitudes changed since 2008?
We look at client attitudes before and after the economic decline of 2008. We see minor changes in the use of advisors and risk tolerance. We see major changes in controlling spending.
What is the retirement readiness of those nearing retirement age?
We discuss the data showing that Americans currently are facing a four and one-half trillion dollar retirement shortfall. We learn about which groups are more at risk of having insufficient assets to meet even basic needs in retirement.
What is the retirement readiness of high net worth individuals nearing retirement?
We discuss the surprising data showing that even high net worth individuals are at risk of having inadequate assets to meet even basic retirement needs. We learn strategies for addressing this concern.
How well is the middle class prepared for retirement?
We look at statistics regarding the financial readiness of the middle class for retirement. We learn that costs for end of life care are a major impediment to a secure retirement.
What does the retirement readiness data tell us about opportunities for financial advisors?
We look some of the key data concerning the size, retirement readiness, pension coverage, and retirement confidence of baby boomers in order to try and understand some of the opportunities for financial advisors working with this cohort.
What Does the EBRI Retirement Confidence Survey Tell Us about Retirement?
We look at the EBRI Retirement Confidence Survey. We learn that there is a disconnect between what people expect for their retirement and what they need to do for their retirement.
How have pension changes in the past ten years affected retirement planning?
We examine automatic enrollment, automatic escalation, qualified default investment alternatives, target date funds, and rules liberalizing the ability for employers to provide specific retirement advice for their employees. We learn that retirement planning was improved by these changes.
What are some of the basic costs of retirement?
We review the costs of retirement healthcare/long-term care and the traditional notion of replacement rates. We learn that in order to have a high degree of certainty that assets will last a life-time that traditional replacement rate approach substantially underestimates the required need.
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