When I look around my office, I see a lot of physical objects that can help individuals plan for retirement: pens to draft a budget, notebooks to help document expenses, and folders to save receipts and other financial documents. One item I use on a regular basis is a set of digital retirement calculators posted by my group, the Indexed Annuity Leadership Council. This set of calculators helps me stay on track with a balanced and effective financial plan.
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With one in four baby boomers having less than $5,000 saved for retirement, it's vital for your clients to be cognizant of their financial future. There are a lot of online calculators out there, but this set of 10 calculators is great at helping agents pinpoint their client's needs: anything from estimating Social Security income to tax advantages of annuities. My personal favorite is the saving-for-retirement calculator. With a series of quick, pointed questions, this calculator can get you to the heart of the conversation with a client looking to improve their retirement savings game.
Additionally, you can use these tools to help your clients calculate their propensity for risk and see how external factors like inflation may influence a savings plan. With one child in college, another about to go to college, and a third child who is special needs, planning is key to my own family's future.
