Advisers Shift to Retirement Income Planning National Underwriter (Life/Health) (11/20/00) Vol. 104, No. 47 p.20; Joyce, Peter
Financial advisers say professionals need to redirect
their clients' focus from solely wealth accumulation to a focus
that combines income planning and management strategies with
continued accumulation. As more baby boomers head for
retirement, planners are seeing more retirees cast in a variety
of life situations outside of the traditional retirement picture.
Some retirees are retiring from their first careers to pursue
other professional interests, while others are cast into the job
of full-time caregiver for an elderly relative. In light of
these changes, financial planners should adjust their planning
strategies. Financial planners should listen to their clients'
lifestyle goals and understand their resources; develop a list of
each income source available to their clients; map out their
streams of income, the dollar amounts, and the timing; and once a
picture of their finances is achieved, examine the client's
expenses based on earlier discussions about life objectives. By
providing client's with a clear picture of their financial
standing, clients are then able to see both the income picture
and the expense picture.