Unexpected events are, well, unexpected—they’re not part of the plan. Clients spend many years meeting and discussing goals with financial professionals during their working years to create successful retirement plans that maintain their lifestyles. But even the best-laid plans can be tested when the unthinkable happens. Here are a few things to consider when working with clients who are going through tough times.
Although a long life is what most strive for, longevity— of both your clients and their spouses—can be a risk in retirement. It’s also arguably the hardest risk to gauge. Though statistics show that women tend to outlive men, individual circumstances don’t always align with statistics. How can surviving spouses maintain their lifestyles after becoming unexpectedly alone?
According to the National Center for Health Statistics, of the 4—5 million people who get married each year, about 48% end in divorce. Here are some things to remember when helping your clients plan.
Planning for unexpected events can be difficult, but understanding the dynamics of clients’ families (earner versus homemaker) can give you an idea of how to proceed when they occur. Moreover, conducting business with one spouse can often mean providing assistance for the other.
Being alone unexpectedly is a burden your clients do not want to bear without help. It’s important to provide resources and assistance to help clients who find themselves unexpectedly alone reorient their lives and maintain their retirement plans.
For more information about retirement-planning, please contact our Retirement Strategies Group at RSG@PacificLife.com or (800) 722-2333, ext. 3939. PacificLife.com
This material is provided for informational purposes only and should not be construed as investment, tax, or legal advice. Information is based on current laws, which are subject to change at any time. Clients should consult with their accounting or tax professionals for guidance regarding their specific financial situations.
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Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company. Product availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues.
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