Rethinking retirement planning

It is a common misconception that in the older years of retirement, a client’s expenditure needs will reduce or remain constant.  This ignores a realistic view of the client’s frailty years.

We are facing a tsunami of aged care clients with all baby boomers over age 65 by 2030. Now is the time to start changing conversations with clients to help them be better prepared for retirement, including the frailty years.

When helping clients plan and save for retirement, consider how a client’s needs and expenditure will change in each of the three phases of retirement planning:

  • The carefree years
  • The quiet years, and
  • The frailty years.

Changing the conversation and breaking retirement into these phases can support your clients more effectively through the full retirement experience.  If the frailty years are forgotten, you risk leaving clients vulnerable and without adequate means to fund care. This may lead to a loss of independence and choice.

Aged care is an essential component of retirement planning that factors into the financial planning process for EVERY client.

This does not mean you need to become a specialist in aged care, but you need to have a solution for how to incorporate the aged care discussion into your service offering.  This enables you to:

  • Diversify your service offering
  • Help clients throughout the full the retirement experience
  • Build relationships with children of your clients
  • Focus on strategic advice (not products) for deeper value relationships.

Contact us to discuss how you can incorporate aged care into your retirement planning proposition.