Counter: Retirement provision is not my immediate concern

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Every insured person knows the “Round Tuit”. Prospective buyers believe that retirement planning is a legitimate but not immediate concern. They will focus on that when they “get around”. Here are a few ways to move it up on the priority list.

1. The government will not support you in retirement. Some people think that Social Security should help you out in retirement. They don’t realize that this is part of your retirement income and not a substitute for your current taxable income. Compare your expenses today with your expected social security benefits.

Bottom line: You need an additional stream of income.

2. If you have a 401 (k) plan, you need to be self-sufficient. Defined benefit plans have largely been replaced by defined contribution plans. Does your customer understand the responsibility for saving and investing that is transferred from the company to the individual?

Bottom line: You need to be actively involved in saving for retirement.

3. Why leave money on the table? There may still be some people who are not participating in the 401 (k) that is being offered to the company’s employees. Firms often agree, dollar for dollar, contributions up to a point.

Bottom line: If you don’t do your own part, the company won’t add theirs.

4. What does this property say? “Don’t wait to buy real estate. Buy and maintain real estate. ” Patience is a virtue.

Bottom line: The longer your money is invested, the longer it has to grow.

5. It’s about financial independence. What if you could retire 5 years earlier than expected? How about 10 years ago? If you focus on saving and managing your money smartly, you can reach the point where you can stop working sooner than expected.

Bottom line: Even if you don’t retire early, you want to say the option, “I’m done”.

6. How excited are your children? Years ago people had large families because the large number of children served as retirement provision. They had multi-generational households. One of the children could be left behind in the role of carer. In other situations, the children wrote checks and mailed them to their parents.

Bottom line: Are your children ready to support you in retirement?

7. There is another emergency fund. When the pandemic broke out, the government eased the rules for using retirement assets in an emergency. Circumstances can develop when you need money now to make real estate tax payments or to pay your children’s tuition fees. You may not be working.

Bottom line: Retirement credits add another emergency fund option.

8. How do you feel about working forever? Is that a viable option? Some people love their job. You intend to move into counseling in retirement. Others need more money to make ends meet. Why? Because they haven’t saved enough. There are jobs where age doesn’t matter. Firms like Wal-Mart, McDonalds, and supermarkets have local jobs that are filled by seniors.

Bottom line: Would you consider that as an option? (Probably not.)

There are ways to make retirement provision more attractive for your customers and prospects.

Bryce Sanders is President of Perceptive Business Solutions Inc. He provides HNW customer acquisition training for the financial services industry. His book “Captivating the Wealthy Investor” is available on Amazon.


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