A few years ago, members of the Baby Boomer generation started to reach retirement age (65 years). If current life expectancy trends continue, this generation needs to prepare for a retirement that will last many years longer than their parents’. Retirement plan services offered by financial advisors must be tailored to meet the demands the increase in life expectancy will create.
Although most people enter retirement in good health and independent, the Baby Boomer generation will likely need more assistance and support with their day-to-day needs as they age, compared to previous generations. This changing paradigm is an opportunity for financial advisors to step up and be prepared to meet their clients’ needs as they look fo help with retirment plan services in regard to housing and long-term care.
Retirement plan services for seniors
According to a blog post in Investment News, as retirees enter their late 70s and early 80s, “their needs and focus will likely shift away from managing assets and to passing them on to heirs. At the same time, their demand for nontraditional support services, such as referrals for elder care, housing assistance and estate planning, will grow.”
In the same article, Dennis Gallant, president of GDC Research, a consulting firm that provides market research and analysis for the financial services industry, notes that the evolving needs of their clients will present financial advisors with “. . . both enormous challenges and business development opportunities” to meet those needs.
Similarly, if you are approaching retirement and need retirement plan services from a financial advisor, consider working with one who is well-versed in issues related to elder care, including estate planning, retirement living choices, and long-term care. Advisors often maintain a network of resources like CPAs and tax attorneys, to help them better serve their clients. Those who have expanded their network to access experts in elder care law, family counseling, senior housing and in-home care will be better suited to meet your needs throughout your retirement.
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