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SEIZE THE RETIREMENT INCOME OPPORTUNITY February 24, 2015 PRESENTERS: Jerry Patterson, Senior Vice President, Retirement & Investor Services Jim Carbone,

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Presentation on theme: "SEIZE THE RETIREMENT INCOME OPPORTUNITY February 24, 2015 PRESENTERS: Jerry Patterson, Senior Vice President, Retirement & Investor Services Jim Carbone,"— Presentation transcript:

1 SEIZE THE RETIREMENT INCOME OPPORTUNITY February 24, 2015 PRESENTERS: Jerry Patterson, Senior Vice President, Retirement & Investor Services Jim Carbone, National Vice President, Principal Advisor Network Dave Littell, JD, ChFC ®, CFP ® The American College, Codirector of the New York Life Center for Retirement Income

2 Do not copy, forward or duplicate without express permission. RETIREMENT INCOME Jerry Patterson SVP Retirement and Investor Services Principal Financial NOW!

3 Do not copy, forward or duplicate without express permission. 10,000

4 Do not copy, forward or duplicate without express permission. “No big deal. I am confident.”

5 Do not copy, forward or duplicate without express permission. ADMIRING A BALANCE INVINCIBILITY PLENTY OF PLAN Bs

6 Do not copy, forward or duplicate without express permission. RETRAIN OUR BRAINS

7 Do not copy, forward or duplicate without express permission. Long term Buy and hold A little adds up to a lot down the road Asset Allocate Diversify Target date Glide path Transition

8 Do not copy, forward or duplicate without express permission. THE Big Zig From a life of… EARN SPEND SAVE To a life of… SPEND

9 Do not copy, forward or duplicate without express permission. Dinking around for decades. Time for a surge...

10 Do not copy, forward or duplicate without express permission. RETIREMENT INCOME SURGE!

11 Do not copy, forward or duplicate without express permission. TOOLS AND RESOURCES Approaching Clients Client workshops Retirement Income Review kit Retiree videos Direct mail ( s, postcards) Social media Social Security/ Medicare materials Planning Tools Principal Income Protector Social Security Calculator Financial Strategies/ Financial Strategies Pro MoneyGuide Pro/ eMoney 360 Pro Product Solutions Mutual funds & Fee-based solutions Annuities Qualified Longevity Annuity Contract (QLAC) Life insurance Coming Retirement income advisor website Advisor videos Thought capital Webinar series Retirement Income Academy

12 Retirement Income Certified Professional® (RICP®) Practical. Current. Comprehensive.

13 Copyright © 2014, The American College. All rights reserved. Used with permission. The Retirement Environment Retirement is Booming: 7,000 Americans reaching retirement age every day for the next 17 years A recent study of defined contribution plan participants highlights the potential market among pre-retirees. 50% of plan participants in the critical age group of currently do not have an advisor. Over 40% of plan participants will be seeking advice in the future. *Spectrum Group

14 Copyright © 2014, The American College. All rights reserved. Used with permission. So Many Issues to Face When to retire Claiming Social Security Company plan distributions Choosing income strategy Investing the portfolio Choosing withdrawal rates Choosing annuity products Role of life insurance Health care planning Long-term care planning Where to live Using housing wealth Contingencies Life expectancy Inflation Market risk Law changes Bad timing Unexpected expenses Frailty

15 Copyright © 2014, The American College. All rights reserved. Used with permission. Impact of Good Advice (Decisions) Strategies Increase in income* Social Security Claiming9.0% Dynamic Withdrawal Strategy 8.5% Tax Efficiency8.2% Total Wealth Asset Allocation6.1% Annuity Allocation3.8% Liability Relative Optimization2.2% Total38% *Blanchett, video discussing article “Alpha, Beta and now Gamma”

16 Copyright © 2014, The American College. All rights reserved. Used with permission. Leadership Dave Littell, JD, ChFC ®, CFP® Director, Joseph E. Boettner Chair in Research, Professor of Taxation Jamie Hopkins, Esq, JD, MBA Associate Director, Associate Professor of Taxation Mission Elevate the retirement income planning knowledge of financial services professionals in order to improve retirement security for all Americans Current Priorities & Initiatives Video Library retirement.theamericancollege.eduretirement.theamericancollege.edu Retirement Income Certified Professional ® (RICP ® ) Thought Leadership and Visibility RICP ® Retirement Income Literacy Index

17 Copyright © 2014, The American College. All rights reserved. Used with permission. Researchers Ameriks Babbel Basu Blanchett Finke Milevsky Pfau Reichenstein Sass Vanderhei Warshawsky Educators Franklin Hegna Jordon Rappaport Timmerman Practitioner/ Experts Baldwin Caudill Cloke Kitces Guyton Newman Schiff Rosen Tools Freitag Hegna Malhotra Meyer Pechter Huxley

18 Copyright © 2014, The American College. All rights reserved. Used with permission. Retirement Income Certified Professional® (RICP®) Innovative online video delivery: The RICP® is built around the latest ideas and delivered though video interviews and lectures, all supported by a detailed outline. Team of experts: Developed by College faculty and supplemented by 38 outside contributors Ideas that are practical, relevant, and current: Practitioners are reporting that they are using what they learn right away with their clients. Three in-depth courses: The material is presented at the right level of detail, covering the full retirement planning process and the best solutions to offer.

19 Copyright © 2014, The American College. All rights reserved. Used with permission. Course #1: HS 353 The Retirement Income Process 1.Evaluate the client’s current situation 2.Identify and prioritize retirement goals 3.Estimate retirement income needs 4.Identify sources of income and assets available to generate retirement income 5.Make a preliminary calculation of the client’s preparedness for retirement 6.Develop strategies for addressing a shortfall 7.Consider legal and tax issues that can derail plan 8.Consider retirement risks in developing solutions 9.Determine an appropriate strategy for converting assets into income 10.Integrate all considerations, present alternatives, and agree upon a plan

20 Copyright © 2014, The American College. All rights reserved. Used with permission. Course #2: HS 354 Sources of Retirement Income Recommend the optimal Social Security claiming age appropriate for each client's situation; Choosing the optimal retirement age; Choose appropriate uses of annuities; Evaluate sources of retirement income including executive benefits, life insurance, benefits for federal employees, and planning for business owners. Building a retirement portfolio

21 Copyright © 2014, The American College. All rights reserved. Used with permission. Course #3: HS 355 Managing the Retirement Income Plan Choosing tax compliant distribution options from tax- advantaged plans; Recommend the best health insurance options ; Select a method of funding long-term care needs; Help a client with retirement housing decisions; Ethical issues in retirement income planning; Managing the decumulation portfolio and the retirement income plan

22 Copyright © 2014, The American College. All rights reserved. Used with permission. Success of RICP® Over 7,000 have enrolled Approximately 1,500 have completed Designation approved for use by 38 companies Approval in all regulatory jurisdictions Designees listed at

23 Placements: November 12 th – By Laura Shin - A New Breed Of Financial Advisor Takes Off December 17 th – By Laura Shin - 5 Times A Retirement Planner Could Come In Handy (Dave Littell) March 31 st – By Laura Shin – The New Financial Task We All Need To Tackle Asap (Jamie Hopkins) Wade Pfau Bylines: March 3 rd - Lifecycle Finance: An Alternative For A Lifetime Financial Plan March 18 th - Retirement Risks: It All Starts With Longevity April 1 st - Investment Return From Delaying Social Security? Sure Beats TIPS Select Jamie Hopkins Bylines: February 3 rd - Planning For An Uncertain Life Expectancy In Retirement February 18 th - Unique Retirement Planning Challenges Facing Hispanic Americans April 21 st - New and Unexpected Ways to Fund Long-Term Care Expenses February7th – By Kathryn Buschman Vasel - 7 Tips For Women To Have A More Secure Retirement (Dave Littell) November 11 th – By Amy Feldman - Thinking Long Term (Jamie Hopkins) November 5 th – What is the RICP and why should retirees care? (Dave Littell) December 3 rd – By John Waggoner - Long-Term Care Insurance: Peace of Mind At A Price (Jamie Hopkins) April 5 th – By Jeff Reeves - Should you bother itemizing your tax returns? (Chris Woehrle) April 6 th – By Jeff Reeves - New IRA rollover rules hit wealthiest savers (Jamie Hopkins) April 14 th – By Jeff Reeves - Getting a big tax refund may not be a good thing (Chris Woehrle) January 30 th – By Tara Siegel Bernard - Obama Orders Creation of 'MyRA' Savings Accounts (Jamie Hopkins) February 14 th – By Abby Ellin - The Childless Plan for Their Fading Days (Dave Littell) April 11 th – By Paul Sullivan - Tips to Manage Spending in Retirement (Dave Littell) January 12 th – By Anne Tergesen - What You Know About Retirement Investing Is Wrong (Wade Pfau) Selected Top Placements

24 April 9 th – By Jennie Phipps - Create a digital estate plan (Jamie Hopkins) April 14 th – By Jennie Phipps - 8 ways to hedge a longevity bet (Dave Littell) April 30 th – By Richard Eisenberg - Is Too Much of Your Retirement Money in Stocks? (Wade Pfau) November 8 th – By Paul Katzeff - How To Grow Your Business: Tips For Financial Advisers (Dave Littell) April 6 th – By Suzanne McGee - Why the best laid schemes for retirement often go awry (Jamie Hopkins) April 7 th - By Lynnette Khalfani-Cox - 20 Things That Can Ruin Your Retirement – Part I (Dave Littell) April 8 th - By Lynnette Khalfani-Cox - 20 Things That Can Ruin Your Retirement – Part II (Dave Littell) October 29 th – By Anne Tergesen - What Retirement Experts Lack: Expertise (Dave Littell) January 1 st – By Susie Poppick - How Much Should You Hold In Stocks? (Wade Pfau) February 25 th – By Donna Rosato and Penelope Wang - Building The New Retirement (Wade Pfau) December 19 th - By Janet Kidd Stewart - Some Final Tax Moves To Consider In 2013 (Dave Littell)

25 Copyright © 2014, The American College. All rights reserved. Used with permission. Retirement Income Literacy Survey Tested retirement income literacy year olds 20% passed with average score of 42% Mentioned in: –What's your retirement IQ? For most, it's lousy – USA TodayWhat's your retirement IQ? For most, it's lousy –Are you smart enough to retire? – The Washington PostAre you smart enough to retire? –Can You Pass This Retirement Planning Quiz? – AARPCan You Pass This Retirement Planning Quiz?

26 SEIZE THE RETIREMENT INCOME OPPORTUNITY CALL TO ACTION: Sign up for the first RICP course – if you have not already done so! Schedule appointments with 3-5 clients with whom you need to discuss the Big Zig. Be engaged and act as an Ambassador for the initiative NEXT MONTH: March 24 from 10:30 -11:15 CST Learn about the NEW Social Security Calculator!


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