When was the last time you explored some fresh marketing strategies? If it’s been a while, you may be missing out on a chance to connect with prospects and clients. Here, IAMS has gathered five ways to educate them on common retirement misconceptions while creating new sales opportunities for your business.
Show them all income streams aren’t equal
- Most people figure money is money, right? Not necessarily, especially in retirement. For married couples filing jointly with a 35% tax rate, $500,000 in an IRA would be worth $325,000.
- Review the taxable, tax-deferred, and tax-free status of your clients’ accounts to ensure they have the right balance for their specific situation.
Plan for more than just Social Security and Medicare to pay for living expenses
- In 2017, half of all elderly married couples and 70% of individuals relied on Social Security for 50% or more of their retirement income.* While your clients might expect to receive those benefits when they retire, they might not realize their Social Security income is taxable at rates up to 85%. Likewise, Medicare Part B can become much more expensive at certain income levels.
- Suggest a comprehensive portfolio with annuities, life insurance or other sources to supplement Social Security and Medicare benefits.
Review beneficiary designations
- A beneficiary designation attached to a retirement account can supersede a client’s will. The document, which tells your client’s plan administrator who gets the benefits of that account after they’re gone, can easily go unnoticed during infrequent financial checkups.
- Periodically reviewing and updating these designations is a great way to ensure your clients’ portfolios still accurately reflect their life situation – and a reason to consistently connect with them.
Consider a life insurance policy for more than just a death benefit
- Conventional wisdom says to take out a life insurance policy because you want that money to go to your beneficiaries after you pass away.
- Remind clients that many life insurance policies now offer a long-term care rider: A living benefit on a life insurance policy that lets them access a portion of the policy’s death benefit every month to pay for long-term care expenses. They are often less expensive than a standalone LTC policy, and withdrawals for qualifying expenses are typically tax-free.
Resist overprotecting money from market volatility
- Your clients may feel safer keeping their money in ultra-low-risk vehicles like Certificates of Deposit and savings accounts, but eventually, inflation may outpace their lower rates of return. When it does, it leads to losses over time – or as we often refer to it, “going broke safely.”
- Risk-averse clients may consider Fixed Annuities (FAs) or Fixed Indexed Annuities (FIAs). As many of you know, FIAs are a great alternative to CDs.
Delivering your message
Here you have all of these great ideas and talking points to get across to your target audience. How do you best deliver this message? Seminar marketing is one of the most effective ways to engage multiple prospects at one time. Have you tapped into the power of seminar marketing? This is where IAMS can help. Our Seminar Best Practice Guide offers all the advice you’ll need to pull off a flawless event.
What’s Inside:
- Presenter/assistant supply lists
- Timelines to ace presentation prep, execution, and follow-up
- How to check for attendee knowledge and drive discussion
- Dinner seminar logistics
Download your complimentary copy today and ensure your next event is a success.
