Fear Factors: for RETIREMENT
Brenda Bagonis-Cooke
Asset Financial Services: bringing you financial planning, investments services & retirement plans made just for you !
Fear Factor: What Scares Your Clients About Retirement?
By: Aaron Lopez Mar 09, 2016
Heights, spiders, and public speaking. Your clients probably have at least one of those fears in common.
Here’s another one to add to the list: running out of money in retirement.
Seeking a better understanding of how people are preparing for retirement, the nonprofit Transamerica Center for Retirement Studies? asked more than 4,500 American workers about their greatest retirement fears.
Forty-four percent said, “Outliving my savings and investments.” Survey respondents were allowed to select multiple fears. Here are the five other most-cited responses:
- Declining health that requires long-term care (36%)
- Social Security will be reduced or cease to exist in the future (36%)
- Not being able to meet the basic financial needs of my family (33%)
- Cognitive decline, dementia, Alzheimer’s disease (26%)
- Lack of access to adequate and affordable health care (25%)
Current and prospective clients bring unique financial situations to your business every day, but there’s value in knowing their general concerns—and fears—before they walk through the door.
Advisors can alleviate those fears and help clients achieve their goals with resources such as Unlocking Social Security and Financial Planning in the Shadow of Dementia.
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