America Saves Week: Start a Conversation with Your Clients

Written by: Marshall Heitzman, CFP®, ChFC, FLMI, CPCU, BFA™

Feb 22, 2022 Share This 
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America Saves Week may not receive the fanfare of other celebratory weeks throughout the year, but perhaps it should. Planning for a future of financial stability is always important, but recent times in particular have shown just how precarious finances can be.

Money is top of mind today, more so than usual, with the world still trying to find its footing after two pandemic years. As another new year is off to a start, it’s a great time for people to review their finances and options — and an opportunity for advisors to help their clients navigate different financial scenarios. America Saves Week can get the ball rolling.

What is America Saves Week?

Since its beginnings in 2007, America Saves Week is as much a yearly celebration as it is a time to encourage Americans to think about — and take action on — their savings and other finances. It’s a timely reminder to conduct an inventory of what they have while planning for a stable future.

America Saves Week takes place in February over five days. Each day covers a new topic, with the overall goal of teaching how to ensure ample savings for now and the future.1 CUNA Mutual Group is a participating organization.

This year’s theme is Building Financial Resilience, and each day’s topics are as follows:2

  • Monday, February 21, 2022 | Save Automatically
  • Tuesday, February 22, 2022 | Save for the Unexpected
  • Wednesday, February 23, 2022 | Save to Retire
  • Thursday, February 24, 2022 | Save by Reducing Debt
  • Friday, February 25, 2022 | Save as a Family

How Can Advisors Start the Conversation?

Much like the New Year drives people to make resolutions for better living or accomplishing goals, America Saves Week can kickstart the motivation to improve savings strategies. A fresh year can mean a fresh start for a lot of people, and many may seek guidance from a financial advisor.

The two years and counting of the pandemic have caused financial setbacks for many people.  For others, it has prompted them to shift their focus to reducing debt and increasing savings. It’s been a wake-up call that has shown that just having some money stashed away in a savings account may not cut it. Advisors can use America Saves Week as a way to start a conversation with clients early in the year about options to more effectively grow their savings.

This is an opportunity to introduce them to choices that can supplement a savings account or a typical retirement savings plan — choices that include helping to ensure their financial future with annuities. You can start simple, with a few basic facts on the different types of annuities available:

  • Fixed annuities provide an opportunity to secure guaranteed income with a fixed interest rate and fewer worries
  • Registered index-linked annuities offer the potential of greater gains while controlling risk
  • Variable index-linked annuities allow for customized risk control while still providing flexibility and growth potential
  • Income annuities offer a way to ease the worries that some clients may have over running out of money in retirement, offering an option for guaranteed lifetime income

You can find additional information to set the stage for your conversations with clients on our Elevate Advanced Planning resources page, and visit americasavesweek.org for further inspiration.

ElevateTM Advanced Planning Resources

 

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Written by: Marshall Heitzman, CFP®, ChFC, FLMI, CPCU, BFA™

Marshall is a VP - Advanced Planning Consultant with CUNA Mutual Group and has more than 25 years of experience in the insurance and financial services industry. He consults Financial Advisors on advanced retirement planning concepts for retirement and wealth management clients.

SOURCES
1America Saves Week, Participating Organizations
2America Saves Week, Building Financial Resilience

CMGA-4026142.1-1221-0124


Topics: Advanced Planning