Keep clients focused on the ‘finish line’

By Camilla Cornell | July 14, 2016 | Last updated on July 14, 2016
2 min read

Financial planning is a marathon event, requiring years of saving, investing and good decision making. But just as runners hit the wall around mile 22, by the end of their work careers, clients can sometimes be so intent on putting one foot in front of the other that it’s easy to lose sight of the end goal. Here’s what they should keep in mind when retirement is no longer a distant concept.

Negotiate the best retirement package. Sometimes the biggest financial mistake executives make in their career is in negotiating or renegotiating their send-off package, according to this Wall Street Journal article by Andrea Coombes. Even in today’s difficult economic environment, employers are often willing to make concessions provided the retiree knows what to ask for in a retirement package and how to ask. For clients who long to combine their passion with a paycheque during retirement, Next Avenue’s “Unretirement Expert” Chris Farrell examines the potential for companies to provide lessons in entrepreneurship.

Seek sources of sustainable income. Writing for MarketWatch, financial planner Robert Klein lays out five reasons that retirees should be concerned about having reliable sources of ongoing income in retirement.

Gimme cover(age). Your clients’ insurance needs don’t disappear in retirement, but they definitely change. This MoneySense article by David Aston looks at the kinds of insurance products clients should consider and how to decide which ones they need, from seg funds to life and health insurance, long-term care insurance and annuities.

Take off the blinders. Pattie Lovett-Reid’s BNN appearance highlights the fact that Canadians can be unrealistic about their health and finances in retirement. Her point: setting up a power of attorney for health and finances is part of developing a customized, holistic financial plan.

Get into the right mindset. Forbes contributor Robert Laura details the financial habits and preferences that can help ensure your clients’ cash lasts through a long retirement.

Camilla Cornell