Having a quality income in retirement is about to become a global challenge. Retirees everywhere, particularly in the United States, will find it extremely difficult to achieve quality retirement incomes and in many cases, even sufficient incomes.
How do I know? Here are two important sources of information that will provide advisors with the evidence necessary to inspire prospects and clients to take action. Each is sufficient on its own, but used together they provide prospects and clients with powerful inspiration to action.
These two sources of information also will help to develop powerful questions that prospects and clients will feel they must have the answers to. These questions will help our prospects and clients to use their own common sense to reason for themselves that what they are currently doing will probably not keep them safe and therefore they must develop new strategies to achieve a successful retirement.
The first source of information is provided by the World Economic Forum. This year it provided a paper titled “We’ll Live To 100—How Can We Afford It?” If you Google that title, rather than simply clicking on the link to see it, you will not only obtain the white paper, but you also will access articles written about the information in the paper. The information is amazing and astonishing and eye opening.
Please read the entire paper, but I would pay particular attention to pages four, six and seven.
On page four, the paper shows how longevity has increased from age 85 in 1947 to age 103 for babies born in 2007. Another paragraph explains that—in one generation—the world will go from eight workers paying for retirees currently to only four workers by 2050.
Also on page four, it shares that 50% of the babies born in the United States in 2007 will still be alive at age 104. How will they build retirement income if they are using all of their earnings to support current retirees?