When asked about their main economic worries today, the majority of respondents to our recent study ranked inflation at the top of their list. Despite that, however, the study also found that 64% of respondents do not have a financial plan that addresses the rising cost of living in retirement.
Additionally, study responses revealed that respondents have a misunderstanding of inflation and viable solutions for addressing it.
How can you work with clients to help them address inflation in their retirement strategies?
- Start the conversation by familiarizing clients with the impact that healthcare costs, inflation, and taxes may have on their retirement with our video.
- Develop an income strategy with action steps to monitor progress.
- Analyze your clients’ retirement income needs with the potential for longer retirement due to increasing life expectancies and consider the impact inflation may have.
- Review the ways high inflation and low interest rates may affect total rates of return during retirement.
- Discuss annuity options and the steady stream of lifetime income they can provide.
- Create a long-term strategy that considers the client’s risk tolerance as well as variations in return or interest growth potential.
- Consider long term care insurance policies and riders to help supplement the rising costs of health care.
If you’re appointed with us, you can log in to see more resources, such as our Inflation client presentation and consumer brochure
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