Provide real value to your clients

The idea of a financially comfortable retirement is slipping away from most Americans.

The National Institute on Retirement Security believes that Americans are $6.8 trillion short of the money they will need for a secure retirement. The baby boomers will face a lower standard of living in retirement than their parents or grandparents, the first time that’s happened.

Studies show that 60 percent of middle class retirees will outlive their savings, and 45 percent of current workers have no retirement savings at all. Even among the best savers, the average retirement account is only approximately $140,000 — not nearly enough to provide security.

Stop assuming that your clients are prepared for retirement. Most of us assume that our clients have been inundated with information about retirement, but the opposite is more likely the reality. Help them figure out where to start, and how to filter the most useful stuff. This is not all “doom and gloom”— this is an opportunity that can be taken advantage of.

Do not just tell them information. Ask them great questions about how prepared they would be for an extended time without an earned income. Great salespeople make sure they have current information that can be used to create questions that inspire prospects and clients to take action.

Here are some websites that will be beneficial to an agent who wishes to specialize in retirement planning:

US Debt Clock: This website provides information that is  interesting and easy to understand. The unfunded liability for Social Security and  Medicare is $128 trillion. Should we rely on the government to keep its promises or should our clients take responsibility  for their own retirement? If we have to print the money necessary to provide these benefits, will ­that diminish the purchasing power of that money? Should we plan for inflation? The clock also provides information about unemployment, the budget and our national debt. If our country has to pay interest on more and more debt, will there be enough money left to provide the retiree income and health care benefits they have promised?

Social Security: This website lets you instruct prospects and clients on how to access their Social Security benefit information, and includes a retirement calculator. The website also provides annual reports issued by the trustees about the financial condition of Social Security and Medicare. If presented correctly, this information usually will inspire your clients to start building their own safety net.

Internal Revenue Service: Our products are tax-preferenced and tax-deferred. Some retirement benefits can even be received tax-free. But to fully benefit our clients, we must understand taxes and how they pertain to our products.