5 Steps to Building a Retirement Income Plan for Clients

Step 1: Define the Client’s Goals

Clients’ goals for retirement vary and you need a clear idea of how they picture their post-working years before plunging into the data-gathering and analysis portions of the plan.

It’s important to get your clients to envision what their days will be like when every day is a “vacation day.” Many people believe this doesn’t take much consideration, but there are pros and cons to having so much spare time.

“This is an incredibly important step in developing both an effective and realistic plan for retirement income,” says Justin D. Duft, vice president, advanced planning at Commonwealth. “Financial planning is part art and part science. Yes, there is a lot of math that goes into building a successful income strategy, but if you are missing details because you didn’t probe enough during the data-gathering process, you will be missing part of the picture.”

(Image: Adobe Stock)

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