Zoomers—Canadians over the age of 45—are a busy group! As the title sponsor of the ZoomerShow, Sun Life Financial recently enjoyed a fun-filled weekend with 16,000 Zoomers from Canada’s west coast who attended the Vancouver show. Having learned a lot about the retirement market at a ZoomerShow in Toronto, the ZoomerShow in Vancouver provided some additional insights. Here are our top three takeaways:
1. Attendees are looking for advice
We’ve said it once and we’ll say it again, ZoomerShow attendees want advice. Whether it’s advice related to finances, travel, health or leisure, Zoomers are engaged and eager to learn more. Every booth at the show in Vancouver was filled with attendees in conversation with the vendor about the product or service. A popular question at the Sun Life Financial booth was, “Will my money last as long as I do?” proving that more and more Canadians who are approaching, or are already in, retirement, are looking for guarantees when it comes to their income. Having a conversation about guaranteeing a portion of your clients’ retirement income is a great way to get your clients thinking about their overall financial plan. A guaranteed monthly “retirement paycheque” will help your clients cover basic expenses such as food, housing, utilities and clothing.
2. Age is not a limiting factor
The Zoomer market is active and age does not slow them down. They are redefining what it means to retire and want the newest and best products and services. Early-bird dinners, bingo and shuffleboard may have worked for their parents but Zoomers have different plans. They’ll likely have more time to enjoy other activities and pursue other interests since there’s a good chance they’re going to spend nearly three decades in retirement. Booths at the Vancouver ZoomerShow reflected the attendees’ varied interests including health and wellness, financial planning, real estate, community, caregiving, fitness, technology, employment, education, pets, volunteerism, faith, home renovations, safety, and travel. It’s these interests that will open up the door for you to start conversations about lifestyle and the costs associated with them. Forty percent of Canadians aged 57 to 66 are “not at all” confident their retirement income will be enough to enjoy the lifestyle they want, and 45 percent are only somewhat confident.1 Help your clients live their retirement their way.
3. Zoomers relish experiences, adventures
Zoomers not only want the latest and greatest but they want to live life to the fullest. They are looking for products and services that can enhance their lifestyle and provide them with the opportunity to experience new things. As Zoomers enter retirement, it’s important to help them plan for their current lifestyle expenses as well as their legacies, which could include taking themselves or their families on the trip of a lifetime or leaving a donation to a charity or association. It is important to Zoomers to leave a legacy to their family or a worthy cause. An estate plan can help keep their assets, protect their estate and ensure a lasting legacy. You can help clients create a plan to retire with confidence and leave a tax-efficient legacy for what matters most to them.
The next ZoomerShow is in Ottawa, Ontario from April 26-27, 2014. If you’d like free tickets for yourself or your clients to the next ZoomerShow, courtesy of Sun Life Financial, please specify in an email which show you’d like to attend.
1 2013 Sun Life Canadian Unretirement™ Index