How Do Your Clients Know They’re Ready For Retirement?

Jun 07, 2017

Retirement is a huge goal for people, especially those working with financial advisors. You’ve most likely spoken with countless clients about this topic. One day, they will face the question: Is now the right time to retire? Here’s how you can help them determine if they are truly ready. 


Have they budgeted for the lifestyle they’ve envisioned? If your clients imagined their retirement involving moving away from the suburbs and buying a property on the beach, make sure they have the budget for that lifestyle. Perhaps they want to travel, take art classes, or join a club/organization of some sorts. Have they budgeted for the costs that come along with these lifestyle changes?

Have they invested wisely? When saving for retirement, your clients may have invested in riskier stocks. Now that they are at retirement age, they may want to look at more conservative options to avoid losing out on a chunk of retirement funds due to a market crash. Some experts say to review their investments every year leading up to their retirement years. Try to get them in a sweet spot where they are still making enough return to retain their purchasing power.

Have they prepared for the unexpected? They can plan and plan and plan, but sometimes things happen that were not expected. An unexpected job loss, a medical emergency, an untimely death. All of these scenarios can throw any and all retirement plans for a loop. So, it’s wise to make sure your clients have protected themselves. Life insurance policies with living benefits can help cover the costs of these unexpected scenarios so your clients aren’t forced to dip into their retirement savings early.


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