PFP2303P. Retirement Income Strategies - for those worried about running out of money (and they are legit worries)

As the baby boomers reach retirement, financial professionals must solve new problems for clients. Retirement income is different as clients shift their focus from maximizing wealth to creating sustainable income. Clients face a greater range of risks, including longevity risk, market and the newly emergent sequence of returns risk, and personal spending shock risks. Each risk requires different income tools and risk management techniques. This presentation shows how advisors who are willing to integrate a broader range of retirement tools can better serve clients with strategies that manage these new risks. As well, the presentation also shows how advisors who are open to using a broader set of tools can also better serve their client’s preferences for retirement income, as identified and validated through scorable retirement income factors to define preferences for an overall retirement income style. Retiree preferences connect to four viable retirement income strategies. Approaching retirement income agnostically and matching retirement income strategies based on a client’s personal retirement income style will support greater client satisfaction and risk management.

Learning Objectives:

• Identify various approaches taken for retirement income strategies
• Identify underlying retirement income factors which highlight retiree preferences that coalesce into a retirement income style.
• Identify retirement income styles to existing strategic approaches for retirement income that satisfy retiree preferences