Statistically, women live longer than men1, so planning for income to support a long life can be a crucial part of their retirement plans.
On Mother’s Day, reaching out to the moms on your client list is a great way to add a touchpoint and provide important financial guidance to help them better prepare for their statistical gift of longevity. It was definitely key for my mother, and I’m so glad she was able to financially prepare herself to enjoy her later years. Here are some ways you can help the moms on your books look out for themselves the way they so often look out for others.
Retirement planning is just as important for moms out of the workforce who stay home to care for children or other family members. They may not have an employer plan, but there are easy ways you can help them create future lifetime income.
If you have clients who are moms nearing retirement or in retirement, review the different sources of lifetime income they may have, such as Social Security benefits and pensions. For some with both Social Security retirement benefits and a pension, essential monthly expenses may already be covered. For others, using an annuity as an additional source of income for essential expenses may be beneficial.
Tip: Remember that nonqualified annuitization may offer tax-advantaged cash flow via exclusion-ratio treatment.
So, be sure to reach out to the moms on your client list this Mother’s Day to wish them health and longevity, and talk about creating the financial future they envision. What a great gift any day–and especially on Mother’s Day!
1National Center for Health Statistics. “NCHS Fact Sheet, March 2021.” National Vital Statistics System.
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