Description
This course has been developed to give the agent a complete understanding of the importance of developing a retirement income plan for their clients. The course will consist of five sections:
• Section I. The methods used by advisors to determine how much income is needed to maintain a client’s lifestyle in retirement;
• Section II: The Sources or Retirement Income;
• Section III. The Risks to Retirement Income;
• Section IV. Use of Income Annuities; and
• Section V. Health Care and Long-term Care Costs in Retirement.
Learning Objectives
Upon completion of this course the agent will be able to:
• Relate to the importance of developing a retirement income plan for their clients;
• Compare the different methods used to determine how much income is needed in retirement: The Income Replacement Ratio; Actual Expense Method; and Age Banding method;
• Discuss the most common sources of retirement income: Social Security; Pension Plans; Earnings; and other income;
• Review the benefits of a Reverse Mortgage as a tax-free source of retirement income;
• Analyze the various risk to retirement income: Longevity; Inflation, Market Trends; Taxes; Declining Cognitive Ability and withdrawal (spending risks);
• Identify the role and the use of annuities in providing guaranteed lifetime income: SPIAs; DIAs and QLACs;
• Understand the importance of planning for health care and long-term care expenses in retirement; and
• Explain the various funding methods for LTC expenses.