Let’s say you’ve done a great job preparing your clients for their eventual retirements. They’ve followed the sage advice you’ve provided, dutifully stuck to an appropriate savings and investment plan for decades and, despite some severe macroeconomic headwinds and extreme market volatility, they’ve managed to reach 65 or thereabouts with a healthy nest egg set aside for their golden years.
Well, your work is far from done.
Not only are clients demanding more from you in terms of retirement income ideas, they’re also living longer and incurring spiraling health care costs at the same time they’re taking first-class cruises through the Caribbean or – more likely – providing financial support to their kids and grandchildren.
Even the best-laid retirement plan can come unraveled if clients and their advisors aren’t proactive about setting reasonable spending limits and sticking to them.
Here’s an interactive slide show detailing nine ways advisors can keep their clients from overspending throughout their retirements.
Source: Kirk Hulett, executive vice president of strategy and practice management for Securities America.