As more and more baby boomers move toward retirement age, it is becoming clear that the definition of retirement is in transition. As that definition changes, so do the needs of boomers in retirement.
In this article on Life Insurance Selling, Jay Nagdeman reminds us, “The key to successfully serving this generation of 71.5 million people, who will soon control the lion’s share of the wealth in this country, is to recognize that most baby boomers are not interested in pursuing a traditional retirement of leisure.”
Some of this shift in thinking is driven by a desire for a more active and productive lifestyle during these years. But there will also be a significant number of boomers who simply will not have enough saved and will have to work. Whatever the reason, this shift in behavior during retirement years will drive new needs for insurance and annuity products.
This change in retirement thinking provides a unique opportunity for marketers. Here are a few ways to capitalize on this emerging trend.
Talk about the new retirement reality
Help your clients understand the options they may want to consider as they transition to retirement years. How can they use insurance and annuities to complement their plans?
Deliver the message through seminars
Boomers continue to show a propensity to respond to seminars to gain understanding of the issues and opportunities ahead of them. A seminar creates a low-pressure setting for information sharing. Look to develop a presentation that helps them view you as a resource for helping them find the right solution.
Extend it online
Boomers may have been slower adopters of the online channels, but now the group represents one of the fastest growing segments. Take your education online. Develop interactive tools to help them evaluate the options. And then help them connect to you to take action.
By acting now to help retiring boomers, you have the opportunity to position yourself to serve a segment that will be controlling the largest share of wealth in the country for a number of years to come.
