Jun 22, 2021
2:38:29pm
2:38:29pm
You have to get creative
There aren’t necessarily financial products they can use to make up for their lack of planning.
First you give them a clear picture of what their retirement income will look like:
“You’ll get $X from social security, you’ll get another $200/month from that annuity you bought, and then you can afford to withdraw another $100/month from savings. Can you live off that?”
Then see what family resources they have, like a sibling or child they can live with. Really it ends up being more like a church welfare conversation and there’s no money in helping these people, so most financial planners won’t waste their time doing it.
First you give them a clear picture of what their retirement income will look like:
“You’ll get $X from social security, you’ll get another $200/month from that annuity you bought, and then you can afford to withdraw another $100/month from savings. Can you live off that?”
Then see what family resources they have, like a sibling or child they can live with. Really it ends up being more like a church welfare conversation and there’s no money in helping these people, so most financial planners won’t waste their time doing it.
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6/22/21 2:25pm
Tell them to start looking at houses in other countries because that's the only way they'll be able to retire
6/22/21 2:33pm
6/22/21 2:57pm
6/22/21 3:30pm
6/22/21 3:33pm
Seems super weird that people in that situation would even bother to approach a financial adviser at that point. Like,
6/22/21 2:39pm
6/23/21 12:46pm