Hegna's Hotseat

Professionals Have Coaches - Amateurs Don't


et me provide you with some coaching right now. With just seven simple steps, you can help your clients secure their retirement and actually retire happy. Here are the seven steps:

1. Have a plan
2. Maximize Social Security Benefits
3. Consider a Hybrid Retirement
4. Protect Savings Against Inflation
5. Secure Guaranteed Lifetime Income
6. Make a Plan for Long-Term Care
7. Use Your Home Equity Wisely

How can you get anywhere if you don't have a roadmap or plan to get there? That's why step number one is so important, and it's not a do-it-yourself project. You wouldn't do your own dental work in the garage, so why wouldn't you work with a financial professional for your retirement plan?

The Hartford Investments and Retirement Survey reported, "Those who have planned for retirement are three times more likely to be confident they will have sufficient income in retirement as compared to those who have not planned."

If that isn't enough to convince people they need a plan, think about this: your grandparents used to work for the same company for 30 year. Then, they'd throw a big retirement party. They'd get a gold watch and a guaranteed paycheck every month for the rest of their lives in the form of a pension. They'd also receive a generous Social Security benefit. They didn't have to save up a lot of money. Well, your retirement today won't look like that. Pensions are disappearing, and you won't get the same Social Security benefits your grandparents did. Your retirement will rely more on your savings. However, there is one similarity between the generations. Retirement is communicated in terms of income, not assets.

Ask your clients these two questions:

1. What do you NEED your retirement income to do?
2. What do you WANT your retirement income to do?

You see, the answer to number one is usually the same for everyone. They need to cover basic expenses using guaranteed income they can never outlive. That's a paycheck. The solution to number two is the "play check' they will use to travel, go on cruises, and do all the fun stuff in retirement.

Americans aren't very good at turning their assets into income, and that's why they need to work with a professional to make a plan. You can help them do that, but remember, this is not a knowledge business anymore. This is a words, language, questions, and stories business. If you really want to increase your production, work on your words, language, questions, and stories. Walk your clients through the seven simple steps during your next appointment. If you want me to coach you on all seven steps, join me for a completely free webinar session where I'll walk through all seven in about 45 minutes. Click here to register for the next session, or you can watch the previous recording when it fits your schedule.

I can't wait to see you there,

-Tom Hegna

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