Strategies to Help Senior Clients Check Off Their Bucket List

(3 Minute Read)

When you’re going on the trip of a lifetime, there’s nothing worse than worrying about every nickel and dime you want to spend. In retirement, many seniors spend several decades living that way. Seniors are told they will get to relax and enjoy retirement, only to find chronic medical conditions or other financial needs take up most of their savings. In those situations, thinking about checking off a bucket list item can seem like a distant dream. As a financial adviser, if you can bring a solution to your clients that will increase their liquidity and reduce their monthly expenses, you’ll be helping them toward realizing those dreams that may have needed to take a back seat all these years.

The Average Bucket List

According to a 2017 study by AARP, 46% of Baby Boomers have a bucket list. You might think a lot of that is just wishful thinking, but only 3% of the seniors surveyed said their bucket lists were just for fun. The rest fully intend to check off those items at some point. The average Baby Boomer bucket list has eight travel destinations, half in the United States and half international.  Sometimes people put these travel items on the list to see a specific destination or landmark, like Aurora Borealis or the Grand Canyon, while others just want to go soak up the local culture, or even connect with their own personal history. Other common goals are creative things like writing a book, finishing a painting, or playing an instrument; learning a new language; trying exotic foods; and attending family events like weddings and births.

 One Expensive Bucket

It can be easy to underestimate the costs of completing your bucket list. In the United Kingdom, a recent survey revealed that most seniors were underestimating the cost of their goals by 50% or more. Add in the rising cost of retirement, and you’ll see why a lot of your clients may be feeling frustrated by their lack of funds. One way they can make more of their existing assets to fund their dreams is through a life settlement. After paying into a life insurance policy for years, clients may think they have to settle for the cash surrender value of the policy if they don’t want to keep paying the premium. In reality, my company helps seniors get a better return on their investment every day, and we plan to keep doing so. If we can help you or your clients, don’t hesitate to reach out.

Case Study: Ann and Thomas have been married 50 years and wanted to celebrate their golden anniversary with a trip to Europe. Thomas and Ann no longer needed the life insurance policy on Thomas so they sold the policy for $88,000. They paid for their trip to Europe and used the excess funds to check off a few items on their bucket list.

Leo LaGrotte
Life Settlement Advisors
llagrotte@lsa-llc.com
317-863-5936

 

 

 

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