At the same time, Boomers are confident they can keep earning income later in life, either by postponing retirement, launching new careers or starting homegrown businesses. Ironically, though, according to another study, Boomers still receive as much as 10 percent of their wealth from living parents.
Millions of Boomers began turning 50 in 1996, but financial advisers can still market to them as though they were still in their 30s or 40s. This generation never has wanted to be like their parents, and will always be young in their minds. Boomers may have been careless with money in the past, but you can help by giving them another chance to achieve personal financial security.
The financial adviser's message to this generation? It's never too late, but the sooner you start, the more you can do.
Whether the goal is building wealth for the long term, preserving assets or planning for an eventual transfer of assets to heirs, the right annuity (and insurance) products can play a central role. Structured to provide tax advantages, and designed to provide peace of mind to the client as well as to the client's beneficiaries. Annuity strategies should be reviewed periodically, to remain consistent with the client's needs, interests and practicalities.
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