Fifty-nine percent of advisors in a recent LIMRA survey reported that they had "major concerns" about their clients outliving their assets.
Cautionary tales abound detailing the potential devastating outcomes of the longevity crisis — the combination of an extended lifespan and an inadequate retirement plan — have yet to force the masses to recalibrate their income plan during retirement in order to not outlive their money.
The recent LIMRA data suggests that advisors need to take heavier hand in conveying to their clients that there is a distinct possibility they will live into their 90s.
