More. With many people wanting more time, more money, or
more sleep, it’s a concept most of us are far too familiar with. But do we
consider how “more” relates to retirement?
No doubt you’ve thought about your own retirement — what
you’re looking most forward to, how much money you’ll need, and the best way to
build your nest egg so you can retire how you want to. In other words, you know
what you’re looking for more of when you stop working.
What about your clients? Do you have a sense of what will
give their retirement years more happiness … and is it important?
It is, and it turns out the concept of “more” may be one key
to helping people create better retirements. At this age, retirement is more
than the end of a job. It’s about the beginning of life’s best work. Helping
clients identify the people, places, and activities they want more of can be a
key to finding happiness and a new sense of purpose after they stop working.
Helping your clients think about the future
The idea of retirement is as unique as your clients are.
Some can’t think past throwing away the alarm clock. In your 30s and 40s,
retirement can seem so far in the future that it’s difficult to picture
anything besides going to work every day. For others, it’s difficult to picture
retirement life because they know factors out of their control could change
their situation.
Still, others may have a better idea of what they want
life’s next big chapter to look like but creating an actual blueprint for it
may not be as easy as daydreaming about it.
In any event, making a clearly defined plan for post-career
life may seem premature. But the more you can help clients picture their ideal
retirement and articulate it, the easier it will be to create a financial
strategy to help their plans materialize.
“Today, retirement is less about the end of a career and
more about the beginning of what brings someone joy and a new sense of
purpose,” says Chris Grady, Executive Vice President, Head of Retail Sales at
Athene USA. “It’s about doing what excites you when you want to.”
And with today’s more active lifestyles, rising costs, and
potentially longer lifespans, it also means more complex financial needs,
including guaranteed income and savings that need to grow and potentially last
longer.
Mining for insights
As a financial professional, discovering what will bring your
clients emotional happiness after they stop working is as important as knowing
what financial solutions could help them retire confidently. Instead of asking
what clients want to do when they retire, digging deeper may help you uncover
what they want to retire to.
For example, where do they want to live? Will they downsize
their home or move to a retirement community? Will their retirement dream
provide additional income? How will they stay connected to friends and family?
Questions like these can be helpful in gaining more insight into their future
plans.
Resources for building better retirements
For many people, retirement is not about never working again
or retiring to the couch. It’s about reconnecting with a passion or an idea
they put on hold or didn’t have time to pursue during their working years.
That’s where Athene’s newest library of resources, the Discover Your Client’s
More Toolkit, can help.
“The more resources we can give financial professionals to
help them uncover what their clients want to retire to, the easier it is to
suggest product solutions that can help their clients retire to their best
life,” suggests Grady.
The toolkit gives financial professionals access to a
variety of useful tools, including:
A quiz designed to help clients identify their retirement
personality and what they want more of when they stop working.
Insightful discovery questions and planning worksheets to
uncover both financial and emotional considerations, which can help you get
them on the road to a better retirement.
Real-life stories to share with clients and other articles
to help inspire them to retire their way.
Education for your clients so they can learn more about
retirement solutions that could help them live their best lives
Depending on their financial situation and risk tolerance,
you can talk to your clients about different ways to invest or save for the
retirement they envision. For example, if an annuity isn’t currently part of
their retirement strategy, there are tools that can help introduce the
benefits, such as meeting specific needs like accumulation, legacy, or
guaranteed income.
A sound retirement strategy is more than dollars and cents.
It’s also about knowing what clients want more of when the 9-to-5 routine is in
their rearview mirror. Whether it’s cycling in long-distance races across the
country or raising exotic animals, uncovering the keys to retiring better can
give you and them the insight to create a plan that helps them achieve their
goals.
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