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Are Your Clients Guessing at Their Retirement Needs?

Seasoned financial professionals recognize there is no magic retirement number that fits all of their client needs. Despite convenient rules of thumb, in reality there isn’t a single dollar amount or percentage of income that will work for everyone.  Everyone’s individual circumstances are too different for such a simplistic approach to work.

What you may be surprised to hear, though, is that almost half of all workers don’t even have a target in mind when it comes to saving for retirement.  Maybe more surprising, half of all workers ALREADY using a financial advisor don’t rely on them to calculate a retirement savings goal.

Instead, a recent study found that the majority of clients opt for retirement investment recommendations rather than advice on retirement planning. But how can you achieve a target if you don’t even know what you’re aiming for?

Missing a Golden Opportunity

The 17th Annual Transamerica Retirement Survey of Workers found that retirement savers across all generations were playing this dangerous guessing game: 49 percent of millennials, 52 percent of Generation Xers and 42 percent of baby boomers were actively saving with no goal in mind.

The implications are profound.  How many savers were incurring risks they didn’t need to incur to meet their needs?  How many ran the risk of not having enough savings at the time they retired?

Catherine Collinson, President of the Transamerica Institute and the Transamerica Center for Retirement Studies said it best in her interview with InsuranceNewsNet; “This is where an advisor can really add value and have a conversation around underlying assumptions.”

Out with the Old

Simply put, more people need to be taking a closer look at their plans and not enough of the financial professionals they’re working with are helping them to do that.  Why not?  Many feel that calculating a retirement need for their clients is too time consuming or complex.

Advisys® has a proven way for financial professionals to prepare a retirement analysis in just ten minutes or less.  Providing users with all the tools and information necessary to keep clients from guessing and help grow their businesses.

For more information on how Advisys can help answer your clients most important retirement questions, check out our website HERE.

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