Client's Need A Lifetime Income Plan, Not Product

Our clients will work all of their lives attempting to accumulate that nest egg to take care of them during those Golden Years. It’s a tough job. There are a lot of distractions along the way, like buying their first home, maybe start a business, and let’s don’t forget braces for the kids’ teeth and their college tuition. Plus, they had some fun along the way. There were family vacations, maybe the big anniversary gift and so on and so on. 

Your clients have taken pleasure in creating a prosperous lifestyle; They chased the American dream and tried to convey a more prosperous lifestyle for their children. Then they retire and it's time to settle back and enjoy different facets of life. Not working is a big transition in and of itself, however living the rest of your life off of your nest egg and social security is an even bigger transformation. This period of time could be the most challenging and difficult of all. Their retirement income becomes more important than ever.

You see, prior to retirement, they earned money, but at retirement, they become beneficiaries of retirement income. One of their income streams is social security. The rest doesn't just magically appear. It comes from their nest egg! Will that last their entire lives? How long will they live? Will their spouse be in financial danger? How do they know? How do they avoid making a mistake when planning their retirement income?

This situation is much different than previous generations. It will be even more different, and more difficult, for generations to come. Why, you may ask? Well, people are living longer, so our money must last longer. Another important factor to consider is inflation.

Inflation at 4% can have a devastating effect on their spending dollars. The past 20 year average is 3.6%. It’s also important to note that the health care inflation rate is more than double the general inflation rate. Your clients can’t afford to make mistakes. It’s different if you make a financial mistake at 26 years old, or 36, or 46… even at 56 you can still recover. But it’s much more difficult to recover at 66.

Today’s pre and present retirees need to have a plan… not just a product. Retirees need solutions and assurances. They need the services of a trusted advisor that can provide guarantees regarding their retirement income. My suggestion is a complete review with your clients. Determine a retirement income amount that is necessary, adjust for inflation, factor in their life expectancy, then implement and monitor the plan.

This requires dialogue, a conversation, and especially a professional. Give your clients a call today. This is too important of a subject to ignore. Their lifetime income could depend on it. Pick up the phone and call them today. If you don’t... someone else will.

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Until next time… good selling!
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Raymond J. Ohlson
Founder & Retired CEO
Ohlson Group
​1-877-844-0900