Planning for retirement and protecting a client’s legacy go hand-in-hand. You cannot pass along family wealth without adequate life insurance planning. And, your client will not be able to sustain a standard of living without proper longevity planning.
A retiree who lives off a systematic withdrawal strategy risks the chance of eroding their family’s wealth due to longevity-related issues. They might live beyond their planned life expectancy and need more income. There’s also a high chance of needing long-term care – a single event may cost several hundreds of thousands of dollars and wipe out anything to pass along to children or grandchildren.
Strategies exist to both maximize your client’s retirement income and protect their family members using life insurance and lifetime annuities or pensions. At the end of the day, it just requires planning and preparation.
Here are three ways you can protect your clients’ income and legacy at the same time:
Use guaranteed income properly and in conjunction with life insurance to create holistic financial plans. Protect your client’s retirement income and their legacy at the same time.
As our population continues to age, risks increase due to longevity. And, longevity is the greatest multiplier of all the retirement risks. Join us along with Tim Ash as we tackle the opportunity in retirement!Register Now
About the Author
Mike McGlothlin is a team leader, retirement industry activist and disciple of Indiana Hoosier basketball. In addition to being EVP of retirement at Ash Brokerage, he is a sought-after writer and speaker. His web series, “Winning Strategies,” provides insight and motivation for financial advisors in many forms – blogs, books, videos, podcasts and more. You can get his latest book, “Winning Strategies: The New Rules of Retirement Planning,” on Amazon.
1Ash Brokerage, “QLACs Improve Probability of Retirement Success,” 2018: http://go.ashbrokerage.com/WC2018-03-12-RET-30007_LP-Content.html
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