Sometimes, the most basic tools achieve the greatest results. Think about your retirement. Like most retirees, you’ll want confidence in your finances. You’ll want security. And you’ll want to feel like you’re in control. Of course, these things are harder to accomplish during unsettling times (sound like what we’re currently dealing with, anyone?).
We are currently experiencing political, social and legislative unrest. With any change of administration comes potential legislative and tax changes. These changes create uncertainty for our industry, for retirement income planning in general and, in many cases, for your clients’ income plan.
From a legislative perspective, we recently have seen the impact of several stimulus packages on retirement income. Stimulus packages such as the CARES Act creates a lot of different opportunities, but we must have a good understanding of all the available options for our clients to use them effectively.
From a taxation perspective, the new administration is going to be hard pressed not to raise taxes. In addition to the amount of stimulus that has already been given out, additional stimulus money is currently being discussed. To recoup some of that debt, there is the possibility of an increase in corporate tax rates as well as hefty increases to Social Security. And, when clients consider retirement, one of the first decisions they make will be that of how to handle Social Security.
But if we’ve learned anything in the past year, it’s that while we cannot predict the future, we CAN plan for it. And that, ultimately, is our job. We must figure out how to address those concerns and provide safety and security to our clients. And the solution is to get back to basics.
Start by talking to your clients and reminding them of the products they already have, products that have worked really hard to get them to this point. And then determine if they are still on the right path, or if their vision for the future has changed. Do they still have the right products? If you’re not sure, or if their vision has changed, I recommend an Annuity Audit.
Backed by MorningStar intelligence, Ash’s Annuity Audit process is designed to educate clients about how products work, and which ones are most likely to meet their goals. This education increases confidence that your client has the right resources in place to enjoy a full retirement.
The power of protected income cannot be diminished, especially in uncertain times. We can help your client achieve that peace of mind. Reach out to our retirement income consultants by calling 1 (800) 589-3000 to learn about our annuity tools and how Annuity Audit can help bring stability to your client’s retirement income plans.
A retirement plan doesn’t have to be fancy to build confidence. Start by focusing on basic tools and resources to meet your clients’ goals.
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