What could stand between your clients and their retirement income goals?
Are you in the habit of asking your clients about their health habits during your retirement planning conversations? Probably not. In fact, a third of advisors told us they think their clients aren’t comfortable discussing such personal topics.1
You may not know which of your clients is a smoothie nut or a cigar aficionado. Yet, major gains in American lifespans may be explained with the simple phrase, “More kale, less tobacco.”
What does this mean for you, your clients, and your practice? In this short webinar clip, my colleague Tim Seifert, Head of Annuity Distribution for Lincoln Financial Distributors, describes how the changing longevity of today’s retirees affects their retirement income planning needs.
The significance of 73:47
See the impact of clients’ longevity on retirement income planning, as explained by Tim Seifert, Head of Annuity Distribution for Lincoln Financial Distributors. Watch the video (length 1:23).
As Tim describes, when a 65-year-old couple walks into your office today, they have a 73% chance that one will still be alive at age 85, and an astounding 47% chance that one will still be alive at age 95. There’s even a 20% chance that one will live to age 100.2
Think about that – unlike clients of the past, this couple may need income that will last for 30 years or more.
Help clients feel more prepared, right now
HAVE BETTER CONVERSATIONS
Try framing conversations around the emotional value of income that lasts a lifetime with these tips.
LEVERAGE THE VALUE OF DOLLAR COST AVERAGING
Whether your clients need help easing into the market or would benefit from strengthening their existing income strategies with additional contributions, they may benefit from dollar cost averaging (DCA).
Explore the value of DCA for additional contributions to Lincoln annuities with this client-approved flier and see the rates for existing American Legacy contracts in particular in this client-approved flier.
PARTNER WITH US
Contact your Lincoln representative to learn more about the challenges facing clients’ retirement income plans today. And don’t forget to follow us on LinkedIn and Twitter for regular insights and tips on income planning conversations.
1Lincoln Financial Group and Hanover Research, Inc., "The Longevity Opportunity: Planning for Longer Lives as a Family,” 2015. http://newsroom.lfg.com/wealth-protection-expertise
2Society of Actuaries, based on 2010 Social Security mortality tables applied to the MP-2015 SOA rates.
ABOUT THE AUTHOR
For more than 22 years, Christopher H. Price, JD, LLM, CLU®, ChFC®, AVP, Advanced Sales, Lincoln Financial Distributors, has helped advisors and their clients accumulate, distribute and transfer annuity assets by using a holistic approach. In 1983, he began his career as a trust officer with Sovran Bank (now Bank of America). Chris moved into financial planning, and followed that by managing an insurance agency that served some of the wealthiest families in the country. In 1994, Chris joined Delaware Investments, formerly a member of Lincoln Financial Group, where he was responsible for the product management of Delaware mutual funds and eventually Lincoln variable annuities. From 2000 to 2004, Chris used his expertise to help financial advisors and their clients with advanced case issues. In 2005, he transitioned to the Lincoln Advanced Sales team. Chris holds a BA in history from Vassar College, and law and master’s degrees from the Marshall-Wythe School of Law at the College of William & Mary.