Planning for the Year 2025 Starts Today

Mike McGlothlin, CHFC®, CLU®, CFP®, LUTCF®

Wayne Gretzky was quoted as saying, “I tried to deliver the puck where the person is going to be versus where they are today.” It’s a good strategy for hockey, and it’s also very appropriate as you work to transform your business into a High Performing Practice.

Currently, before they retire, your clients are focused on accumulation. That could be through their 401(k), an IRA or assets under management.  But over the next five years, by 2025, 18 million Americans will have left the workplace and joined the ranks of the retired. Unfortunately, today the average retirement account balance is about $130,000 — definitely not enough to fund the type of retirement many of us are hoping for.

To further complicate preparing for a successful retirement, from a business standpoint, is the shortage of qualified advisors. Currently, there is one financial advisor for every 76 baby boomers. And in just five short years, there will be 163 baby boomers for every one financial professional.

This means that we’re going to have to generate more income for longer periods of time with the least amount of assets than ever before.

To do that, you need a new technique. You need resources and tools to adapt to this new world looming ever closer over the horizon. Instead of worrying about how to get started, take the first step today and reach out to our retirement income consultants. They can talk with you about the new and different approaches and tools that can help you evolve — such as our JourneyGuide software that can help you efficiently and effectively income plan as your clients shift from the accumulation phase to the income phase.

But our most important resource isn’t a tool, it’s a strategy. Our Income Alpha approach can help you increase income — something we know our clients aren’t generating enough of. We regularly see 20% increases in the amount of income we can deliver clients, along with an improved probability of success. In fact, we’re actually able to leverage protected income to free up some liquidity, allowing you to address other concerns such as leaving a legacy, transferring wealth or planning for a long-term care need.

So, take a few minutes. Give us a call at (800) 589-3000. Find out how JourneyGuide and Income Alpha can prepare you to thrive over the next five years and be ready for success in 2025.

Transformational Tactic

Find out where your revenue is going to come from by 2025 and how you can prepare now to become a High Performing Practice. Talk to your retirement income consultant today.

Leave a Reply

" "