The pandemic has brought three key changes to retirement planning for advisers


Studies show that the pandemic has also placed more emphasis on the long-term care situation and sparked important discussions.

“People are now having difficult conversations about what’s going to happen. Do we have enough insurance in place if one of the heads of household dies? Do we have a plan in place? Have we talked about it as a family? said Burmeister. “Some of those tough financial talks in the past have been much more to the fore, which I think is a good thing.”

The pandemic has also shown that there is a stronger desire to age at home, but this has raised questions about the costs and risks of doing so. It has also made people realize that they may be overly optimistic about how much the government will provide as they age, so they are looking at what expenses they might face if they need care. In this way, counselors can encourage families to have these conversations as early as possible and long before they are needed.

“There are a lot more people talking about it – not just older people, but also their children, especially if they are part of the pre-teen generation where they have to invest time and money to pay for things. ‘Look after elderly parents and have an adult child living at home,’ Burmeister said. “There is a huge impact on time and money, even being able to work and focus on making a living as much as you did. All of this underscores the critical importance of having these conversations before parents get too far ahead. “

Second, Burmeister noted that financial planning is changing. So rather than having a meeting where advisers discuss everything clients might need in their future, he said they might have to do it in smaller chunks and offer advice on a case-by-case basis. case. case basis. This could include setting up a retirement savings plan or starting to save for a child’s education.

Source link


Leave A Reply