Help clients feel confident
about longer lives

A famous Irish wedding blessing says, “May you both live as long as you want, and never want as long as you live.” It’s a sentiment that’s echoed in cultures across the world.

For more of your clients than ever, that blessing may come true. They may get to see their grandchildren marry, witness the birth of another generation, or spend more time with the people they love during retirement. But as a financial advisor, you know this increases the pressure on you to help make retirement income last.

Most advisors I talk to would agree that longevity planning is a key part of their practice. In fact, in a Lincoln survey, 93 percent of advisors saw planning for longer lives as part of their fiduciary duty, and 85 percent cited these conversations as a good way to attract and retain clients. Yet our clients still need more help feeling prepared. Sometimes it’s not what you say, it’s what they hear. A worrying 48 percent of clients who have advisors felt they were likely to run out of money in retirement.  And while almost two-thirds of advisors said that clients should be planning for 25 years or more in retirement, less than one-third of consumers agreed. 

So how can we give them more confidence?

  • Catch them early. Most clients bring up longevity concerns on the doorstep of retirement. Help them feel more prepared by discussing these concerns during your yearly planning conversations instead.
  • Make the discussion concrete. Clients told us they weren’t feeling confident about how longevity affected their chances of running out of money, the impact of inflation or their standard of living in retirement. To get to the heart of their concerns, talk about the practical impact of longer lives.
  • Diversify clients’ income streams in retirement. Consider how adding a dependable, known source of income into your clients’ portfolios through an annuity could help them feel more prepared to handle unexpected expenses in retirement and maintain their lifestyle. 

Take a look at the infographic, Stretching income for a longer retirement, to get the facts. Then talk to your Lincoln representative to get more information on how a Lincoln annuity can help add certainty to clients’ retirement income portfolios. 

Note: All data cited is from Lincoln Financial Group and Hanover Research, Inc., "The Longevity Opportunity: Planning for longer lives as a family,” 2015.


About the author

Michael R. Harris, CFP®, CLU®, ChFC®, CFS®, CES®,  is vice president of Sales for Lincoln Financial Distributors. Since 1999, Mike has helped financial professionals gain a better understanding of the challenges and opportunities surrounding income distribution planning. He joined Lincoln in 1990 as a securities trader and led the creation of the bond trading desk. In 1992, Mike transitioned into a Regional Life Marketing Director in support of Lincoln’s life insurance products and soon after began working closely with American Funds Distributors to start Lincoln’s American Legacy sales team.