Your clients are approaching retirement. How can you ensure their financial security?

2 Review their asset allocation

The second step is to review your clients' asset allocation, which means how they distribute their money among different types of investments, such as stocks, bonds, cash, and alternative assets. You can use financial planning software to analyze their risk tolerance, time horizon, and return objectives and recommend an optimal asset mix that suits their retirement goals. You can also help them diversify their portfolio, rebalance it periodically, and reduce their fees and taxes.

3 Optimize their Social Security benefits

The third step is to optimize your clients' Social Security benefits, which means helping them decide when and how to claim their benefits based on their eligibility, marital status, health, and income needs. You can use financial planning software to compare different scenarios and strategies and show them the impact of their choices on their retirement income and taxes. You can also advise them on how to coordinate their benefits with other sources of income, such as pensions, annuities, and withdrawals.

4 Manage their health care costs

The fourth step is to manage your clients' health care costs, which means helping them plan for their medical expenses and insurance coverage in retirement. You can use financial planning software to estimate their health care costs, including premiums, deductibles, copays, and out-of-pocket expenses. You can also help them understand their options for Medicare, Medigap, and long-term care insurance and enroll in the best plans for their needs and budget.

5 Protect their estate and legacy

The fifth step is to protect your clients' estate and legacy, which means helping them plan for the transfer of their assets and values to their heirs and beneficiaries. You can use financial planning software to create an estate plan that reflects their wishes and minimizes their estate taxes and probate fees. You can also help them update their wills, trusts, beneficiaries, and powers of attorney and communicate their plans with their family members.

6 Monitor their progress and adjust their plan

The sixth step is to monitor your clients' progress and adjust their plan, which means keeping track of their financial performance and changing circumstances and making necessary changes to their retirement plan. You can use financial planning software to generate regular reports and alerts and review them with your clients. You can also help them cope with any unexpected events or challenges, such as market volatility, inflation, health issues, or family needs.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?