Providing value to today's retirees
U.S EDITION
SO YOU THINK YOU ARE* READY0. TO min, RETIREat
What you REALLY want to know before you take the leap!
• RRY LAVALLEY • MARK FINKE
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ANNUAL RETIREMENT ISSUE Golfing Psydtod I Building Assets I Finding Shingi4a
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Am I Ready To Retire?
Five things we want to talk about today
1. Some myths and misconceptions around retirement
2. Aging issues every advisor should understand
3. A woman's retirement
4. Best practices of retirement advisors
5. Ten steps to bulding a retirement practice
"I always hoped retirement would look like this."
The Myths and Misconceptions around
retirement and aging
"I always hoped retirement would look like this."
"Retirement is the longest stage of your life!"
Retirement Stages
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Excitement Honeymoon Disenchantment
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"Retirement is 300 golf rounds a year!"
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Important retirement issues
Did you know? 77% of Canadians over 65 have at least one chronic condition (Sun Life)
90% of your lifetime out-of-pocket healthcare expenses come in the last ten years of life (Sun Life)
38% of those surveyed in a 2014 Harris poll said that they haven't discussed retirement health-care costs with a financial adviser, in part because they are unsure as to whether their adviser is knowledgeable about the issue
1. Will it be there when I need it?
2. How much will I get?
3. When should I take it?
4. What can affect it?
5. Do I have to stop working?
1. Make caregiving part of your client conversation
2 Develop relationships with resources in the community
3. Help family assess the costs of caregiving
4. Work with other professionals such as elder law attorneys or CPAs to provide the client or family with a coordinated support plan.
Did you know?
Likelihood of needing Long-term care in Canada (Sun Life):
Age 55-10% Age 65--30% Age 75--50%
Retirement homes-$1500-$6000 mo Avg $3236
Private home care--$500-$7500 mo
Govt. assisted care (Manitoba)--$988-$2311
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Settling into
Retirement lifestyle
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Perception
Expected drop with age
Reality
Healthcare
Expenses
A look at retirement spending over time
Retirement Anticipation
Expense level
National Committee to preserve Social Security and Medicare, 2015, using numbers from CPI-E
Mental Accounting--the four bucket approach
tS als Emergency
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I need an advisor who truly "gets me" and the needs, concerns and opportunities that I have in my own retirement.
Are you the kind of advisor who can relate to some of those issues that I may face as I get older?
The Loring Ward 360 Retirement Advisor...You have it handled!
A woman's retirement Longevity
Caregiving
Life on your own
Financial literacy
Family and lifestyle
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The professional support team they create
Your Elder-Care Team
Elder care attorneys (Trust and Estate, Medicaid and Guardianship Conservatorship)
Geriatric Care manager
Licensed Psychologist, Neuropsychologist
Home Health Service Providers
Clinical Social Worker/Gerontologist who can be helpful in assessing capacity
Fitness and nutritionists who specialize in elder issues
Elder-housing, moving support
The way they position themselves
Do You Know How Much Your Retirement is Going to Cost?
If not...We should talk!
work with our clients to help them understand the issues they will face through their retirement
In fact, that's how we define what we do!
bhn acmes and Company
TourRM !roman! Adv.:ma
201 Main Street 1001dalo Mn
www.r0100mmtforyou.<0m
At ABC Wealth Management, we believe that
your retirement plan should reflect the life
that you want to live.
Our 360 Retirement Visualization process
will help you plan for the unexpected and
expected issues that you will likely deal with
as you live your retirement life.
Give us a call if you are looking for a
common-sense approach to your retirement
plan! We will show you how to tie your
money to your life!
ABC Wealth Management 201 Main Street
Anytown, St.
250 555 1212
www.ABCWealth.com
Planning your next adventure....Retirement!
We will give you a whole new way to plan for this next phase of your lifer
"I need a financial advisor who understands that my retirement is
more than just money"
Let's sit down and talk...
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So You Think You Are Ready for
RETIREMENT? We would like to invite you to a special private conversation
with North American Retirement expert Barry LaValley
Barry has just published his new book for Australian boomers entitled "So You Think You are Ready to Retire?"
In this presentation exclusively for the clients of Principal Edge, Barry will share his insights on
• The myths and misconceptions around retirement • How to prepare your mind for retirement
• Some things to think about as you leave work • New research on the retirement happiness
• How retirement affects relationships • Retirement lifestyle issues that you may not have thought about!
Wednesday October 22 from 6PM to 8PM Principal Edge Boardroom: Level 3, Bay House,
2 Guilfoyle Ave, Double Bay
Refreshments will be served
As seating is limited, please RSVP to our office at 9363 2900 at your earliest convenience
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The Discovery Process they use
Some retirement financial issues
Helping and Protecting
Family
Protecting and enjoying lifestyle
Achieving Financial Comfort
Helping Children
1 /4
Replace Income 1
Building and Protecting Nest egg
Assisting Parents
r-
Family Security
Regular Paycheck
1 /4 J
Enjoying Lifestyle
Personal Health
Pay Less Tax
Education
Long-Term Care
Saving for Future
Health issues
Protecting Business
1 /4
Freedom and Independence
Plan for Expected and unexpected
Building a Legacy
Clarifying Vision
Wills and Instructions
Health Challenges
Preserve legacy
Manage Change
Directing legacy
1• L Home
Giving to Charity
Lifestyle Enjoyment
1
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Living Legacy
A lot of times, people don't
know what they want until you show it to
them. Steve Jobr
the peopleproj ect torn
Ten Steps to being a retirement advisor
r tcu a e a value proposition that focuses on retiremen
2. Build a team of experts in your community
3. Adopt a discovery system that focuses on life issues
4. Incorporate your value proposition into your marketing material, web site etc.
5. Build a library of contact numbers, resources etc
6. Adopt an income based planning approach
7. Develop a center-of-influence strategy
8. Conduct a client rediscovery program to introduce your value to present clients
9. Build a client education program based on aging issues
10. Become a resource in your community