Profile 6-3 - Retirement Planning
Terms
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- What is a baby boomer?
- Anyone born from 1946 - 1964
- Why are they called boomers?
- Because for that period of time the birth rate soared creating the largest generation in US history.
- Why is an understanding of baby boomers important for FA's and us?
- Because of the sheer size of the baby boom generation, retirement planning will be THE PLACE TO BE for the next some years.
- What is a 401(k) account?
- Named after a section of the 1978 Internal Revenue Code, a 401(k) is an employer-sponsored retirement savings plan. It allows you to save for your retirement while deferring any immediate income taxes on the money you save or their respective earnings until money is withdrawn during retirement.
- What is the name of the equivalent account for Canadians?
- RRSP which stands for Registered Retirement Savings Plan
- What usually happens to a 401(K) account when someone retires from a company?
- They roll over their savings into an IRA (Individual Retirement Account). This is called an IRA Rollover.
- What is the pre-retiree market?
- It's generally considered to be ages 55-64.
- Why is this market attractive to FA's?
- Because when someone does retire, they have 90 days in which to make a decision on what to do with their 401(k) money. They HAVE to decide and cannot legally procrastinate or they can be hit with additional taxes.
- What is the BGM Strategy for dealing with pre-retirees?
- Identify people 55 or older who are not retired. Find a projected retirement date. If they have funds out side their 401(K), get them in and get them invested. If their funds will not be available until retirement, stay in touch through the Pre-Retirement Drip Campaign.
- What is the Pre-Retirement Drip Campaign?
- It starts when we send three file folders. One is for Retirement Investment info, one for Retirment Lifestyle info and the other for Legacy Planning. Each letter indicates which folder it should go in. These letters go out six times a year until six months before retirmenet. Then they get moved into the Retirement at Hand Campaign which for the first three months sends a letter every month and beginning three months before, we go with once a week.
- Have you studied the page in the Campaign Center showing the picture of the file folders sent with the first letter in Pre-Retirement Drip?
- Yes. (If not, go to the Campaign Center, choose "Pre-Retirement Campaigns" and then choose "Making Folders." Read the entire page.
- What three things does an advisor need to do to dominate the pre-retirement market in his or her area?
- 1) Identify people ages 55-64 who are not retired: 2) Find their retirement date; 3) Burn into their minds that you are the retirement expert.
- What two campaigns can help Gorillas Identify people 55-64 and get their retirement dates.
- Mother of All Retirement Planning Prospecting Campaigns and Seminar Campaigns for Pre-Retirees.
- Once we find a retirement date for a client, what campaign do we put them in?
- Pre-Retirement Drip
- Once we find the retirement date for a prospect, what campaign do they go in?
- Pre-Retirement Drip
- How many times a year should people be mailed retirement info through Pre-Retirement Drip
- At least 6