Were you aware 75% of Americans manage their own money?
According to the Invest in You Savings Survey released by CNBC and Acorns, a micro-investment platform, three out of four people are responsible for their own retirement planning solutions.
If that fact startled you, get ready for the next revelation. This one comes courtesy of a December 2018 Confronting the Money Taboo survey conducted by investment management firm Capital Group:
People are more comfortable discussing their marriage problems, mental illness, drug addiction, race, sex, politics, and religion than they are talking about money.
But having this conversation is important. As CNBC reports, a 65-year-old woman today has a 50% chance she’ll live to be 85 – and a 25% chance she will live beyond 90 years of age. Therefore, women in this age group in particular need retirement planning solutions to see them through the next 20 to 30 years. Or, they risk outliving their savings.
Men also need to factor in their lifespans, as you’ll see.
Addressing a gnawing worry
Nearly half of working adults who took a Gallup poll said they were concerned about having enough money to live on for the duration of their retirement, according to a 2018 article by The Motley Fool. That’s up from 32% of workers who responded to the poll in 2002, the year Gallup started compiling the data.
Before the pandemic, Americans feared the future for a number of reasons. Among them was the rising cost of healthcare and the possibility Social Security benefits could be reduced or eliminated.
Then, during the pandemic, many folks reviewed the state of their finances. About half who participated in a February 2021 survey by The Balance found they had less than $250 a month after paying their bills. Even more concerning, 12% didn’t have any funds left over at all!
Your retirement planning solutions expertise is needed
Based on the numbers, there is a thriving market for financial advisors. Potential clients include, but are not limited to, individuals approaching the end of their working years or who have recently retired.
And while you don’t want to scare anyone, it’s reasonable to point out Americans are living longer. That’s because according to the Social Security Administration, a woman who is 65 today will, on average, live to be 86.5 years old. Meanwhile, a 65-year-old man has an average life expectancy of 84 years.
When you help someone create a retirement plan or shore up an existing one, you ease their minds about the future. That’s powerful stuff.
Now, we know it’s a challenge to fit prospecting into your already busy day. So let LeadingResponse do it for you!
Prospecting and connecting
As the premier provider of marketing services for the industry, we can bring you together with qualified prospects. We use traditional and online marketing programs to help you grow your client base and expand your financial business. Our solutions include:
- WebinarConnect digital marketing system uses geo-targeting to identify qualified leads and invite attendees to online workshops and dinner seminars
- AppointmentConnect prequalifies consumers. You choose the appointment dates and times and we do the rest
- Live events and in-person seminars: we guide you through the entire process to ensure they’re a success
- Direct mail: LeadingResponse has 25 years of experience promoting financial advisors via eye-catching invitations
An opportunity to grow
To summarize, you have a huge opportunity to help retirees and pre-retirees manage their retirement assets. Well before the pandemic, many were concerned they would outlive their savings. Now, they’re even more anxious.
To prepare for life after COVID-19, U.S. News & World Report has created a list of financial items it recommends consumers address. Rebalancing their portfolio and making changes to their estate plan are two of them. Advisors can use this article to start a conversation with prospective and current clients.
There are people out there who need you. Contact us today to connect with them.
