At the start of every New Year, many people begin thinking about how they could save more money or improve their personal finances.
As agents and advisors help clients map out their finances during this time of year, you should encourage clients to think beyond 2017 and on to their retirement years.
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According to one recent study from The Guardian Life Insurance Company of America®, more than one in three Americans are considering delaying retirement. But even when saving for retirement may not have been a financial priority in previous years, your clients can easily make retirement savings part of their New Year’s financial plan.
If a client hasn’t quite started their retirement planning and is beginning to think that all hope may be lost, here’s some good news: No matter where an individual currently stand with retirement planning, it’s never too late to start making plans.
Helping your clients assess where their finances currently stand and discussing what steps they can take in 2017 to improve their financial wellness, including retirement savings, is a great way to kick off the New Year with clients.
Ready to help your clients take action? Continue reading for five things clients can do in 2017 to kick off their retirement savings.
In order to have money during retirement, your clients need to start saving as much money as they can. (Photo: iStock)
Retirement planning kick start No. 5: Start saving
It may sound obvious, but it’s really that simple.
In order to have money during retirement, your clients need to start saving as much money as they can, as early as possible, by setting aside as much money as they can afford.
The same applies to investing: The sooner an individual can start to invest, the higher their assets can potentially grow.
So take a hard look at your client’s current spending habits. Where is their money currently going? More than two-thirds of Americans feel they are not good at living within their means, according to “The 2016 Guardian Study of Financial and Emotional Confidence™. “ Do your clients fall into this category?
If so, encourage them to avoid the tendency to splurge on items or purchase things they don’t really need. Most importantly, help them create a budget that’s easy to stick to and carves out space for them to meet their savings goals. It may help to write down these goals and refer to them during client meetings. Remind them of their vision and dreams, most people are visual so show them pictures to stay focused on their long-term.