Discussing health care costs in retirement is a critical part of helping clients with retirement planning, according to a Nationwide survey.
Read full survey results.
Nearly three in four advisors say many of their clients don’t realize how crucial it is to plan for health care costs in retirement – and nearly half don’t have a plan to pay for those costs.
Four in five advisors say clients will stay with them if they can help them plan for future health care costs.
Unfortunately, many of financial advisors we surveyed say they don’t have the knowledge and resources to do it well. In fact, more than half of the advisors we surveyed admit it is “challenging” to “very challenging” to discuss information about their clients’ health. And only 30 percent say they are confident in their ability to estimate their clients’ health care costs in retirement.
However, 80 percent of financial advisors say they know if they can have these discussions, their clients will stay with them.
While discussing health care costs in retirement with clients is new territory for many advisors, more will soon learn how – or risk losing customers to an advisor who can. An aging nation needs help in understanding how out-of-pocket health care costs will affect their retirement. If your clients don’t start planning now, they could face a crisis once they are in retirement.