Financial security tends to weigh heavily on the minds of those nearing retirement. People may find themselves wondering if they have all their ducks in a row and are truly set up to continue receiving a form of income through their golden years once they’ve cashed their last employer paycheck. Social Security helps, but it can’t be solely relied upon.

That’s where annuities can help close a gap and offer guaranteed income for life. CUNA Mutual Group offers numerous annuity types that investors can select based on their risk tolerance, and one such annuity type is the Group Zone Income™ Annuity. And we are pleased to announce that we are increasing our Guaranteed Lifetime Withdrawal Benefit (GLWB) rates on this annuity!

Parents planning for retirement while seeing their growing children off to college have a unique financial road ahead of them. Retirement and college are costly endeavors, and it’s ideal to have a bundle saved up for both. But is that even possible?

Your clients may approach you with questions about helping their kids pay for higher learning while ensuring their own financial stability throughout retirement. Depending on their circumstances, they may not have to choose between one or the other. How can they approach tuition and retirement?

While not an official federal holiday, many remember August 14th as Social Security Day in celebration of the signing of the Social Security Act on August 14, 1935.¹ 

This is a great time to reflect on the importance of such a critical income source for many retirees and its impact on their retirement plans. Take a look at five interesting Social Security facts and consider how these benefits can play a role in the advice you give to your clients.

The population of Americans ages 75 to 84 is 20 times higher than it was in 1900, while the 85+ age group is 53 times larger.¹ More and more Americans will likely reach higher ages in a world full of advanced medicine and healthcare technology, and that means preparing for what it entails to live well past normal retirement age, which the Social Security Administration currently defines as between 65 and 67.²

While the list of issues that could arise as one ages is long, three standout late-life financial risks may pose major problems for some retirees over 75:

1. Declining cognitive abilities leading to financial mistakes or possible victimization
2. High medical expenses, especially out-of-pocket costs
3. The possibility of widowhood and its unique challenges

It’s debatable whether or when we’ll actually arrive in a truly post-pandemic world, yet many are hopeful that there is light at the end of the tunnel. But will things return to “normal?”

The pandemic brought unprecedented changes and disruption that will leave a lasting mark, and ongoing market volatility and global uncertainty will likely continue to impact investors for the foreseeable future. A new normal for your clients may also include new personal goals that require a different approach to their financial strategies.

Now is an opportune time to help clients identify any new priorities in life and assess their retirement goals to ensure they align.

Here are five questions to help you start the conversation with clients.

June is National Annuity Awareness Month, and it’s a great time to introduce and discuss the overall benefits of annuities with your clients.

Guaranteed income conversations take on added importance when discussing confidence among retirees regarding their savings. Given the tumultuous nature of the market the last two years and the uncertainty that lies ahead, many more of your clients may be interested in exploring risk control options with you.

But before we get into how annuities can benefit retirees, let’s look at what a recent survey found regarding confidence in retirement.

It’s all over the news — what’s being touted as “the Great Resignation,” consisting of a high number of workers who, likely triggered by the pandemic and what it uncovered in work life and life in general, have decided to move on from their current jobs to greener pastures.

People have been leaving their employers since the dawn of time, but the rate at which people are resigning now has been making headlines. While just about every demographic is represented in some way, it’s by and large younger workers who are leaving their jobs during this exodus.¹ 

So, what about older workers? You won’t find quite the same numbers of people from that demographic partaking in the Great Resignation. What’s different, and why aren’t they leaving in droves like their younger counterparts? Here, we explore some of the stats and how advisors can approach the topic with their older clients.

The greatest growth is often realized from the greatest challenges — some of them quite painful. A personal trainer doesn’t build muscle mass by kicking back comfortably in front of the TV with their feet up, drink in hand. So it goes for anything in life — sometimes on the path toward gains, things may get tough.

With market volatility often making headlines these days, investors might be wondering what could be their best course of action: how can they actually grow their wealth amid such turmoil? While investors are generally wise to avoid major knee-jerk reactions like selling all their stocks, some use the market downturn to retool their strategies and investments and set themselves up for sturdier times ahead.

Retirees may experience some sticker shock when it comes to healthcare costs. It’s easy to see why when, according to 2021 data, a 65-year-old couple would need to have saved a combined $301,000 ($142,000 for the man and $159,000 for the woman) to have a 90 percent chance of covering certain medical expenses. That’s a nine percent increase in just one year, up from 2020.¹  What’s more, these numbers don’t even include expenses that Medicare doesn’t cover, such as dental, vision, over-the-counter medications and long-term care.

As people age, physical health becomes a primary concern. Worries about potential illness and lack of mobility may be top of mind, but the associated price tags for care only add to the unease.

As we age, it’s easier to reflect back on the phases of life and better appreciate the role each phase played in shaping us. Those awkward teen years, followed by the aspirational and challenging young adulthood. Then a fulfilling career, maybe a family and even a dream home, if we’re fortunate. It can feel like a rollercoaster ride, and then…

Just like that, retirement appears on the horizon and we wonder where the time went!

Life involves a series of financial phases, too, and it’s important to encourage your clients to take an active role in their financial decisions during each stage to help ensure fiscal stability and a positive overall experience with their lives. 

Here are some tips on how to start the conversation with clients and help guide their awareness of the importance of each of these financial phases.