New York – “There is a problem in this country and it is called consumerism,” warned Jeff Daniher, a certified financial planner with Ritter Daniher Financial Advisory, Cincinnati. “People are spending too much money.”
It is the job of advisors to be “educators, motivators and implementers,” he said during a panel discussion on winning the retirement income challenge hosted by Jefferson National Life Insurance Company, Louisville, Ky. Part of that job is to tell clients that “the numbers are the numbers,” Daniher said, explaining that “clients can be shocked now or later.”
His view is that it is better to shock them now, so that they have sufficient retirement income. As the “silver tsunami” of boomers starts, it is increasingly important to get the savings message out, asserted Daniher.
The problem is that boomers are not accumulating enough, he said, noting that nearly two-thirds of households in the U.S. have no individual retirement account. People are not taking advantage of tax-advantaged options such as Roth and regular IRAs, he said. “Who is to blame?” he asked. “Each person has to look in the mirror. If you don’t take care of your own retirement, no one else will.”