More. With many people wanting more time, more money, or more sleep, it’s a concept most of us are far too familiar with. But do we consider how “more” relates to retirement?
No doubt you’ve thought about your own retirement — what you’re looking most forward to, how much money you’ll need, and the best way to build your nest egg so you can retire how you want to. In other words, you know what you’re looking for more of when you stop working.
What about your clients? Do you have a sense of what will give their retirement years more happiness … and is it important?
It is, and it turns out the concept of “more” may be one key to helping people create better retirements. At this age, retirement is more than the end of a job. It’s about the beginning of life’s best work. Helping clients identify the people, places, and activities they want more of can be a key to finding happiness and a new sense of purpose after they stop working.
Helping your clients think about the future
The idea of retirement is as unique as your clients are. Some can’t think past throwing away the alarm clock. In your 30s and 40s, retirement can seem so far in the future that it’s difficult to picture anything besides going to work every day. For others, it’s difficult to picture retirement life because they know factors out of their control could change their situation.
Still, others may have a better idea of what they want life’s next big chapter to look like but creating an actual blueprint for it may not be as easy as daydreaming about it.
In any event, making a clearly defined plan for post-career life may seem premature. But the more you can help clients picture their ideal retirement and articulate it, the easier it will be to create a financial strategy to help their plans materialize.
“Today, retirement is less about the end of a career and more about the beginning of what brings someone joy and a new sense of purpose,” says Chris Grady, Executive Vice President, Head of Retail Sales at Athene USA. “It’s about doing what excites you when you want to.”
And with today’s more active lifestyles, rising costs, and potentially longer lifespans, it also means more complex financial needs, including guaranteed income and savings that need to grow and potentially last longer.
Mining for insights
As a financial professional, discovering what will bring your clients emotional happiness after they stop working is as important as knowing what financial solutions could help them retire confidently. Instead of asking what clients want to do when they retire, digging deeper may help you uncover what they want to retire to.
For example, where do they want to live? Will they downsize their home or move to a retirement community? Will their retirement dream provide additional income? How will they stay connected to friends and family? Questions like these can be helpful in gaining more insight into their future plans.
Resources for building better retirements
For many people, retirement is not about never working again or retiring to the couch. It’s about reconnecting with a passion or an idea they put on hold or didn’t have time to pursue during their working years. That’s where Athene’s newest library of resources, the Discover Your Client’s More Toolkit, can help.
“The more resources we can give financial professionals to help them uncover what their clients want to retire to, the easier it is to suggest product solutions that can help their clients retire to their best life,” suggests Grady.
The toolkit gives financial professionals access to a variety of useful tools, including:
- A quiz designed to help clients identify their retirement personality and what they want more of when they stop working.
- Insightful discovery questions and planning worksheets to uncover both financial and emotional considerations, which can help you get them on the road to a better retirement.
- Real-life stories to share with clients and other articles to help inspire them to retire their way.
- Education for your clients so they can learn more about retirement solutions that could help them live their best lives
Depending on their financial situation and risk tolerance, you can talk to your clients about different ways to invest or save for the retirement they envision. For example, if an annuity isn’t currently part of their retirement strategy, there are tools that can help introduce the benefits, such as meeting specific needs like accumulation, legacy, or guaranteed income.
A sound retirement strategy is more than dollars and cents. It’s also about knowing what clients want more of when the 9-to-5 routine is in their rearview mirror. Whether it’s cycling in long-distance races across the country or raising exotic animals, uncovering the keys to retiring better can give you and them the insight to create a plan that helps them achieve their goals.
Go to the Discover Your Client’s More Toolkit for tips, tools, and resources to help you build financial strategies that will help your clients retire better.
For financial professional use only. Not to be used with the offer or sale of annuities.
This material is provided by Athene Annuity and Life Company (61689) headquartered in West Des Moines, Iowa, which issues annuities in 49 states (excluding NY) and in D.C., and Athene Annuity & Life Assurance Company of New York (68039) headquartered in Pearl River, New York, which issues annuities in New York.
Athene annuities are products of the insurance industry and not guaranteed by any bank nor insured by FDIC or NCUA/NCUSIF. May lose value. No bank/credit union guarantee. Not a deposit. Not insured by any federal government agency. May only be offered by a licensed insurance agent.