Diversify Retirement Saving Strategies to Boost Clients’ Overall Financial Wellness

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Managing and prioritizing financial wellness can cause clients additional stress. According to the recent “Making Ends Meet” survey from the Consumer Financial Protection Bureau, many Americans struggle to feel confident in their finances. Simultaneously, The National Institute on Retirement Security found more than half (55 percent) of Americans are concerned that they cannot achieve financial security in retirement.

Accounting for factors such as inflation, economic instability and longer life spans, relying on traditional retirement savings methods including 401(k)s and Social Security may not provide the financial security so many Americans are searching for when heading into retirement. This makes saving and navigating financial wellness more daunting and complicated than ever. To help address these concerns, it is essential for financial professionals to include a variety of sources of guaranteed income to give clients the freedom to worry less, gain confidence about the future and enjoy life more.

With more than a quarter of Americans (26 percent) relying on employer-sponsored plans as their biggest source of retirement income, according to a 2023 survey from Athene, an opportunity exists for financial professionals to educate their clients on a diverse range of retirement savings options. Equipped with these strategies and products, clients can find alternative savings methods to address their financial and personal stressors and make steady progress towards a secure retirement.

It is essential that all aspects of financial wellness are top of mind when building a retirement plan for your clients. This starts by acknowledging a retirement plan does not simply represent the best investment decisions but rather is tailored to the individual client, encompassing short- and long-term savings strategies that account for assets, personal goals and other individual factors.

Financial professionals can draw on the following tips to help build a strong base for a secure retirement and aid clients’ financial wellness.