When it comes to retirement planning, many clients tend to underestimate retirement risks because they expect to rely on guaranteed income. But Social Security benefits and pension plans can’t always cover retirement expenses. Retirement risks such as a health care shock can cause even the most carefully laid plans to fall apart.
For example, a 65-year-old couple could need $285,000 to cover a health care expense in retirement — and that doesn’t include long-term care.1 Annual costs for even one year of long-term care services can get as high as $82,000 for a nursing home, $22,000 for home care and/or $43,000 for an assisted living facility.2 This is just one example of why it is important to consider guaranteed income as a way to protect a retirement plan.
Help get clients confident about retirement
You can help clients feel more confident in their future plans by starting a conversation about guaranteed income. Find out how our free resources can help you identify opportunities, grow referrals and instill retirement planning confidence amid life’s uncertainties.
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