Never too late to win

Never too late to win

Born and raised in Indiana, I, like many Hoosiers, came to love the game of basketball. In 1995, the New York Knicks were playing my Indiana Pacers in game one of the eastern conference semi-finals, and I can recall when one of the most spectacular 18.7 seconds left in the game unfolded. Reggie Miller, a shooting guard for Indiana, scored 8 points in 11 seconds and sealed the victory for Indiana. If you’re a fan of the sport, you have to see it – if you haven’t already, Google Reggie Miller to watch this unlikely feat. 

I share this great moment in sports to remind everyone it’s never too late. Clients nearing or in retirement can still protect their savings – for themselves, and potentially for their beneficiaries! There are countless strategies to lean on, and not enough space or time to begin to reference them all. With that said, there are three common sense ideas that are widely recommended by financial advisors across the country.

  1. Be ready for the next market correction. Since 1957, there has been a market correction (a loss of 10 percent or greater) about every two years on average. The last correction was in the summer months of 2011, when the S&P 500 fell 19 percent. The lesson here is to make sure your asset allocation is up to date based on a current risk tolerance model, and maximize safety in your investments.

  2. Make certain you have a strategy in place for guaranteed lifetime income. Remember, survey after survey suggests that running out of money is the No. 1 concern of seniors today. Fixed indexed annuities with lifetime income riders put the “guarantee” in guaranteed* lifetime income.

  3. If you plan on leaving some assets to your beneficiaries, consider buying life insurance on your own life, especially if those assets are qualified monies. The tax-free death benefit for your beneficiaries will help offset tax due on the passing of those qualified assets at your death.

The Bottom Line: Reggie Miller always believed it was never too late to win the game. Employ some common sense strategies today, and it won’t be too late for your clients, either!

*Guarantees are backed by the financial strength and claims-paying capability of the issuing insurance company