One tool that may help you do a better job of meeting the needs of retirement planning prospects is understanding how they see their future selves.
What do you imagine when you think of your own dream retirement? Are you sitting on a beach sipping a cool beverage, or learning a new skill like tennis? And, as you move into this new phase of your life, even if everything goes reasonably well, what will you miss the most?
(Related: NAIC Tees Up on Annuity Suitability Models)
According to new survey data from my group, the Indexed Annuity Leadership Council, the number one thing Americans expect to miss in retirement is a steady paycheck. IALC drew the results from a Toluna panel of about 1,000 adults ages 18 and older. About half say they think they will miss their paycheck after they retire.
Nearly half of the survey participants said they’re concerned about outliving their money.