ARLINGTON, VA—(July 17, 2013) Studying retirement trends over the decades has proven a fruitful research exercise for Dan Veto of Age Wave.
During the recent 2013 NTSAA 403(b) Summit in Chicago, Veto presented to the hundreds of retirement plan professionals in attendance statistics and anecdotes about the state of retirement across current living generations of Americans. His presentation focused on longevity issues and increasing demand for lifetime income.
Veto showed film clips ranging from a lively elderly woman, designed to underscore the longevity reality on the horizon for so many, to several humorous stories about a number of emerging retirement issues. For instance, in 1900, life expectancy was 47; by 2000, it was 78.
Retirement has become a life stage inflection moment, says Veto. Forty-three percent of Americans cycle between work and leisure. It’s a whole new chapter in the human experience: we have time to live and create a legacy.
Is the American pre- or post-retiree worried about wealth? Strangely, no. According to Veto, people today are six times more concerned about financial peace of mind than about wealth.
Advisors should take new realities into account and relate them directly with their clients in the context of potential positives and negatives. The ideal financial advisor, who understands the longevity “bonus” coming America’s way, can speak to clients’ needs in the face of the new reality.
Executive VP & Founder
CPE Associates, Ltd.
ASPPA Member Since 1987
NTSAA Member since 2010 and NAPA Member since 2011