Like most people, you probably want many more new years? Our government
says you probably will, and they are never wrong. According to the Social
Security Administration, the new average life expectancy for a male, age 65, is 84.3 years. For a 65 year-old female, it is 86.6 years. This positive information allows us to think of so
many opportunities such as, new avocations, travel, a second career, and
volunteer work for our favorite organization.
Here's some additional good news: According to the experts, it only takes about $166,000
in savings to provide $1,000 per month over 20 years (assuming a 6% return and
2% inflation). If the average American can live on
$60,000 per year they need to have only $800k - $1M of liquidity to live 20-30 years
past age 65. And even more good news: There is still Social Security to hope for.
Now some troubling statistics: The average 401k plan
contains $74,600. The average American over age 55 has about $155,000 in
savings and pensions. All of this money lasts only 4 years if they stop working at age 65. And by the way, if the average American doesn't die immediately but suffers
from a critical illness, the average cost associated with that illness is about $200,000.
Just in case you haven’t noticed, there is a dramatic gap between what Americans have and what they will need.
Your industry has decided to focus on this problem and give
you a chance to not only make a difference, but to also build a very successful
practice. Emphasis is once again being placed on cash accumulation. Flexibility
is being built into products for access in the event of chronic or critical illness. There are even products that will allow access to the
death benefit to supplement retirement.
These solutions will require more education and knowledge, and MVP stands ready to support you with classes, webinars, and written
materials. All studies show that the average American wants an advisor to help
them provide solutions. MVP looks forward to being your partner in 2015, and we challenge you to challenge us to be that resource.
Thank you for your business and for making MVP one of the
most highly respected life brokerage leaders in our industry.
