What Are You Doing for Her?

March is Women’s History Month, and there is no question that women have made significant contributions to our history. They also tend to care for everyone else by managing tasks for the people they love. Yet, far too often, they don’t plan ahead for their own financial security. 

This could be because 75% of women feel advisors don't consider their best interest and are out of touch with their fiscal concerns. Most women believe advisors are too focused on selling rather than educating and they prefer a trustworthy resource whose first objective is to educate them.

So, what about a woman’s insurance and retirement needs? Women face unique challenges when it comes to planning for their retirement because it usually has to last longer. They are currently underserved in the financial services industry, many outlive men, and they control $14 trillion of personal wealth in the U.S. This is a huge opportunity for your business!

For the month of  March, make it your goal to help your female clients protect their families, safeguard retirement and make financial decisions with confidence.  Let them count on you as their trustworthy resource. Be the change. Lead with education and the sale will follow.

Big Legislative Changes: The SECURE Act

Ensure you know how new laws and regulations may impact your clients' retirement and legacy planning. The Setting Every Community Up for Retirement Enhancement (SECURE) Act delivered some of the biggest legislative changes to America’s retirement system in over a decade. Its purpose

has two primary goals: 1) make it easier for individuals to save for retirement and 2) encourage businesses to offer retirement plans.

What You Need to Know

The SECURE Act is making sweeping changes to federal retirement law and taxation that will likely impact all American retirement savers in some way. It provides greater opportunity for Americans to save for a more secure retirement. 

The SECURE Act makes several new policy changes impacting everything from small business access to retirement plans to RMD rules for individuals to modifications of beneficiary distribution options, such as “Stretch IRAs.” 

Many of the impacts of the SECURE Act are still being reviewed and may also be subject to interpretations by the Internal Revenue Service or other government authorities as they are fully implemented. While more time will be needed to fully understand the complete impact of the SECURE Act, we’ve taken a moment to make some resources available that highlight the opportunities, and potential challenges, brought forth under the new Act.

Please take a moment to review these resources by clicking the link below, and contact MVP if we can be of any assistance.

The SECURE Act: What You Need to Know

Life Insurance Can Help Pay for Long-Term Care Needs

Medicare, Medicaid and other retiree health plans typically will not cover the expense of long-term care (LTC). It’s important to talk to your clients and assess their LTC needs, so that together you can create a financial plan to help prepare them for the costs they may face. For clients with a life insurance need, consider a life insurance policy with an LTC Rider.

Take advantage of Long-Term Care Awareness month to talk to your clients about their plans for handling an LTC event. Many people wait too long before discussing their LTC preferences and options and risk having to make decisions quickly and under the duress of an immediate need. Show them how an LTC rider can help them alleviate the potential financial, emotional, and physical burden that they and their loved ones could face if such need arises.

The subject of  LTC can make many people uncomfortable because it is equated with a nursing home. However, having the LTC conversation allows families to get on the same page regarding who will provide care, where care will be provided and how it will be paid for. Waiting until an LTC event occurs to force the issue often results in limited options.

Asking “What if?” questions is a great way to get the conversation started and encourages them to think ahead about what LTC actually involves. For most, LTC will begin at home with the help provided by family members and friends. At some point, care can progress to options outside of the home.

In a recent study by the AARP Policy Institute, half of caregivers reported they had no choice in taking on their care giving responsibilities. Proper planning can help ensure that your client's retain the power of choice in an LTC scenario. It’s especially important for couples to anticipate the cost of care for an ailing partner and preserve options for the surviving spouse’s continued living expenses and LTC needs.

LTC planning shares similarities with many other client needs you already address. Starting the conversation early allows for better options to your clients, which leads to more satisfaction and referrals.

Take Advantage of June

Annuities are popular with investors who want to create guaranteed retirement income to last them the rest of their lives. Tell your clients what makes annuities different: 

• Guaranteed retirement income means you can’t outlive your money.
• Earnings on your savings can grow tax-deferred until payout.
• Flexible payout options can provide you income when you need it.
• Death benefit options help create a legacy for your beneficiaries.

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