Boomers' Different Approach To Retirement Mandates A Different Approach To Planning

Tuesday, October 09, 2012 09:17
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Boomers' Different Approach To Retirement Mandates A Different Approach To Planning

Tags: Advisor businesses | Boomers | retirement planning

There is no typical retirement anymore and that is affecting advisors’ approach to retirement planning.

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More Boomer generation retirees are only retiring partially. Many are returning to work after retiring for a short period.
 
The most challenging segment is made up of laid off executives in their 50s who are having difficulty finding other employment.
 
They’re caught unemployed years before they are eligible for Social Security and long before they had planned to begin drawing on their pensions.
 
Retirement planning for these clients may need to be done in pieces instead of in a full-fledged program.
 
The typical retiree now has three retirement accounts, making the process that much more complicated.
 
Retirement is offering fun new options for those who are in good health. Some are trading in their homes for recreation vehicles, cruising camp sites around the country. One retiree does special research projects for national parks and participates in rescue missions.
 
More than ever, it’s important to listen to your clients’ dreams for retirement. Some entrepreneurs who really enjoy their work may wish never to completely retire, only slow down or make more time and capital available for pursuing their dreams.
 
We are seeing significant shifts from a bookend of two generations—the Baby Boomer generation as they redefine retirement and the Echo/Millennial generation as they redefine approaches to investing and advisory relationships.
 
Either way, acclimating your practice is no longer an option.

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