3 Important Questions to Ask Clients Retiring in 2016

(4 Minute Read)

From the day we get our first big-time job we’re looking towards finally retiring as a senior. Rest and relaxation, no work, traveling. Of course, retirement looks different for everyone, so it’s important that all of your clients facing retirement this year have their own plan for it. Before setting up a game plan with your retiree-to-be’s, make sure to ask them these three important questions.

What Do You Have Planned for Retirement?

Retirement sounds great, but a lot of retirees find the new amount of free time a little too much. They simply aren’t ready for that amount of time on their hands. Are they planning to travel? Move to a new, warmer location? Pick up some new or already much-loved hobbies?

Whatever their plans, it’s important for you to know to help them prepare for costs. Without a constant income, the costs associated with traveling or hobbies can add up. Make sure they understand the budgetary constraints they’re about to take on. Retirement can be a balancing act: having fun, but doing so within a budget.

Do You Need All This Stuff?

When your clients are getting ready for retirement, you should take a full inventory of all of their assets. House, cars, jewelry/luxury items, stocks, bonds, and even life insurance policies should all be counted up. As we get older, we accumulate more and more stuff and, in the end, we might not need all of it.

Many seniors facing retirement are still living in the house they raised a family in. Do they really need all of that space? Or could downsizing provide them with a bigger nest egg that will let them enjoy a few more of the finer things in retirement? Work with your clients to assess what they do and don’t need. Odd are, they’ll find a lot of things that they can part with that can increase their retirement fund. A smaller house, fewer cars, less jewelry—all of these things can save them a ton of money each year.

Are You Aware of What Changes When You Retire?

You’ve been working with your clients to get them to this point for a long time. You’ve had all of the discussions about what they’ll need and the lifestyle change. The thing is, with the excitement of retirement approaching, many seniors won’t remember the finer points of those conversations. Give them a refresher course as they near their final workday.

Remind them that they’re opting out of more than just work when they retire; they’re also dropping the benefits that came with it. Bring them up to speed on what their financial situation, including healthcare, Medicare, and more, will really look like. It’s not as easy as understanding what their monthly retirement checks will be, but to understand that there will be a shift in lifestyle and, over time, a shift in what they’ll need to pay in medical costs. It’s important to talk to them about these things before they set sail into their retirement so that they are aware and understand that there’s more to it than they might have understood before.

After years of work, retirement is a hard-earned part of life. Yet even with great planning, there’s always a risk of retirees outliving their retirement money. Finding the right types of investment opportunities for clients in retirement is important, but liquidity isn’t always easy to come by. Consider this: if a client has a life insurance policy that’s no longer wanted, needed, or underperforming, consider selling it in a life settlement. You can free them of the monthly premium, and gain liquidity for other, more lucrative investments. Check out our qualification calculator today to see if your client qualifies for a life settlement today.

Download our free resource, Serving Senior Clients, for more information about how you can unlock a powerful new source of financial liquidity for your clients today.

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