Could your clients be forced into an early retirement?

What would happen if 30 million Americans suddenly and unexpectedly faced an early retirement? Could your clients be among them? Are they prepared?

It’s not necessarily a doomsday scenario – it may be a reality very soon. It’s simple math. Add it up …

* According to the Population Reference Bureau, there were 76 million births in the United States from 1946 to 1964 (the “baby boom”).

* A Sun Life Financial study found that 22% of American workers are forced to take an early retirement (a result of business closures, layoffs, etc.) But the Employee Benefit Research Institute recently reported that in 2010 over 40% of retirees stopped working earlier than expected.

So, if 40% of those 76 million boomers leave work early … that’s over 30 million people facing an unexpected retirement in the near future.

What does this mean for them? What does it mean for you?

First and foremost, it means you need to be asking yourself these questions, and considering the answers. Even if you’ve taken precautions and carefully helped your clients plan for this possible scenario, financially, what about their emotions? No, I’m not suggestion you act as their therapist. But it’s important to remember that a forced early retirement can be extremely stressful, and a client could panic – potentially making hasty financial decisions that could derail their plans.

What’s the best way to be prepared? Talk to your clients in advance about this possibility. Let them know, before it’s an issue, what steps you’ll take together should an unexpected retirement occur.

For some excellent additional information, check out the following article …


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: